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| Friendly Hills Marketplace, Whittier, CA |
WHITTIER, CA – CBRE Executive
Vice President Philip D. Voorhees announced that he and the National Retail Partners-West (NRP-West), on
behalf of Oppidan, Inc., the property owner and developer, completed the sale
of the newly-constructed Friendly Hills Marketplace in Whittier, California, a
power center, 100% leased to national and regional credit tenants including
Orchard Supply Hardware (NYSE: LOW), HomeGoods (NYSE: TJX), ULTA Beauty, and
Skechers.
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| Philip D. Voorhees |
CBRE retail experts
Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary
represented the seller, Minneapolis-based Oppidan.
The buyer, represented by a
cooperating broker, was Golden Capital Whittier, LLC, a Vietnamese-based
private investor who purchased the property as an addition to its portfolio.
“Through our broad, systematic
marketing approach, CBRE successfully activated the investment community globally,
including cooperating brokers with unique relationships to family-owned
corporations and high net-worth foreign investors. We otherwise would not have
discovered this investor through traditional listing services,” said Voorhees.
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| Megan Wood
In addition to handling the
investment sale, Bruce Francis in CBRE’s Phoenix office and Shaun
Moothart in CBRE’s Newport Beach, both with CBRE’s Debt & Structured
Finance team, arranged the buyer’s financing.
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| Kirk Brummer |
“While big-box retail is
presently out of favor for most lenders, our CBRE debt team marketed the
buyer’s finance request to over 40 lenders, ensuring no stone was left
unturned.
This approach attracted multiple lenders, creating a competitive
bid situation, ultimately resulting in aggressive pricing from a life insurance
company with a rate in the high three-percent range, fixed for 15 years,” said
Moothart.
Built in 2017, Friendly Hills
Marketplace is a wholly-owned, 89,826-square-foot shopping center on 7.7 acres
of land and situated at 15311 Whittier Blvd. in Los Angeles County.
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| Preston Fetrow |
“Friendly Hills Marketplace
provides the residents of Whittier and surrounding communities new and varied
shopping opportunity and a shopping experience in a uniquely designed and
engaged customer environment,” said Paul Tucci, Vice President of
Development for Oppidan.
“Friendly
Hills Marketplace proves that well located, high-quality power centers with top
tier ‘big box’ tenants remain a highly sought-after product type,” said
Tyrrell.
According to Voorhees, CBRE’s
marketing efforts produced more than 509 confidentiality agreement/offering
memoranda distributed and through the teams’ “managed bid” offer process,
generated more than six offers to purchase the property.
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| Jim Leary |
With this closing,
CBRE's NRP-West team topped $10 billion in successfully closed retail
investment sale transactions.
Select NRIG-West team
California listings include Santa Fe Springs Marketplace in Whittier,
listed for sale for $28,440,000; Landmark Plaza in Huntington Beach, listed for
sale for $20,531,000; and The Nut Tree, in Vacaville, a 371,524-square-foot
shopping center offered for sale for an undisclosed amount.
For more information,
please contact:
Anne Monaghan
949.725.8521 O / 949.887.8527 M
www.oppidan.com.
listings.nrpwest.com.
www.cbre.com.
www.cbre.com/nrpwest.
