.
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| Jon Selznick |
SANTA ANA, CA -- Lee &
Associates, a national commercial real estate brokerage firm, announced today
that the company represented the buyer and seller in the sale of Grovemont
Square, a 29,030-square-foot multi-tenant retail shopping center at 2428 North
Grand Avenue in Santa Ana, Calif. The sale price was $4,730,000, representing a
cap rate of 4.26 percent.
Lee & Associates’
Senior Vice President and Principal Jon
Selznick and Associate Brant Dorman
represented the seller, a private investor from Encino, Calif.
The buyer, a
private investor from Commerce, Calif., was also represented by Jon Selznick
with Lee & Associates. Selznick and Dorman are based out of Lee &
Associates Lake Forest, Calif. office.
Built in 1973, the
multi-tenant retail building is situated on a 2.5-acre parcel just south of
State Route 22, and less than two miles from both Chapman University and
MainPlace Mall in Orange County. The retail center was 85% occupied at the time
of the sale.
"This was a great
result for both parties,” said Selznick. “The seller achieved an exit cap rate
indicative of one of the strongest commercial real estate markets in recent
history, and the buyer purchased an asset in a premium infill location on a
major thoroughfare with potential for future upside.”
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
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