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| Philip D. Voorhees |
SANTA ANA, CA – CBRE Executive Vice President Philip D.
Voorhees announced the National Retail Partners-West (NRP-West) completed
the sale of Bristol Center in Orange County, California, a community center,
97% leased to high performing, national and regional credit tenants including
CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings,
Chick-fil-A, Chipotle and Firestone Auto Care, among others.
The purchase price was $46.46 million.
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| Preston Fetrow |
CBRE retail experts Preston Fetrow, Kirk Brummer, Megan Wood, Sean
Heitzler and Voorhees represented the seller, Sarofim Realty Advisors, a
Dallas-based investment advisor.
The buyer, also represented by the NRP-West team, was JH Real Estate
Partners, an Orange County-based real estate investment company who purchased
the property as an addition to its portfolio.
Built in 1974, Bristol Center is a 165,508-square-foot community
shopping center, situated on 14.18 acres of leased-fee land at 3601-3825 S. Bristol
Street in Santa Ana, directly across from South Coast Plaza.
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| Kirk Brummer |
“Many of the best retail properties are on leased land due to their
exceptional location,” said Voorhees. “With proximity to world-renowned South
Coast Plaza, Bristol Center demonstrates that best-in-class community centers
in premier locations like Orange County continue to generate strong investor
demand.”
“The property’s ideal Bristol Street location across from South Coast
Plaza, strong historical occupancy, improving tenancy and upward trending rents
in this highly dense and affluent trade area make it a very attractive
acquisition for the buyer,” Brummer noted.
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| Megan Wood |
According to Heitzler, CBRE’s marketing efforts produced more than 376
confidentiality agreement/offering memoranda distributed and through the team’s
“managed bid” offer process, generated multiple offers to purchase the
property.
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| Sean Heitzler |
Vista Village in Vista, listed for $78,662,000; Sycamore Hills Plaza in Claremont, listed for $50,503,000; The Shops at Oak Creek in Agoura Hills, listed for $32,150,000; Tesoro Village in Valencia, listed for $41,850,000; and Market Place at Oxnard in Oxnard, listed for $42,500,000.
The NRP-West team focuses
exclusively on retail investment properties in the western states, including
CA, OR, WA, NV, AZ and HI, representing the most accomplished retail
investors in the US.
The team's ability to collaborate across CBRE's
multi-discipline platform enhances its role as strategic advisors to western
U.S. clients in the disposition and acquisition of
retail properties, and ensures the delivery of superior results in
today's investment market. 
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