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| Santa Maria Town Center, Santa Maria, CA |
SANTA MARIA, CA – CBRE
Executive Vice President Philip D. Voorhees and Vice President Jimmy
Slusher announced the National Retail Partners-West (NRP-West) completed
the sale of Santa Maria Town Center in Santa Maria, California, a regional mall
anchored by Sears and Macy’s (both not a part of the sale) and a high
performing Edwards Theatres RPX Digital Cinema among an assortment of regional
and national tenants.
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| Philip D. Voorhees |
CBRE retail
experts George Good, James Tyrrell, Slusher and Voorhees represented the
seller, Goldman Sachs, a New York-based leading global investment banking,
securities and investment management firm. The buyer, a global
insurance company, purchased the property.
Built in 1976, Santa Maria Town Center (SMTC) is a 331,804-square-foot regional
mall, situated on 6.11 acres of land at 100 Town Center East in Santa Maria,
adjacent to the Santa Maria City Hall, Civic Center, Santa Barbara Superior
Court, and the city transit center.
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| Jimmy Slusher |
“SMTC
represents the only enclosed shopping experience or department store option
within a 60-mile radius,” said Slusher. “Santa Maria Town Center’s continued
performance with year-over-year NOI growth, increasing tenant
sales and new tenant leasing interest has bucked today’s mall trends,
representative of its downtown location and connection to the residents of the
expanded Santa Maria trade area.”
Voorhees said, “Opportunities to purchase performing properties
for perhaps 20 percent of land-inclusive replacement cost at double-digit cap
rates are very compelling.
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| George Good |
"As more ‘box’ anchor spaces are acquired from
failing tenants, we expect the mall narrative to become very positive.
"Malls
were built in the ‘center of the trade area’ locations and Santa Maria Town
Center is great real estate. We look forward to following the property’s
progress in the years to come.”
CBRE’s marketing
efforts produced more than 283 confidentiality agreement/offering memoranda
distributed and through the team’s “managed bid” offer process, generated 19
offers to purchase the property, according to Voorhees.
With this
closing, CBRE's NRP-West team topped $10.8 billion in successfully closed
retail investment sale transactions.
Select NRP-West team California listings include: The Outlets at the Border in San Ysidro, listed for $60,000,000; Market Place at Oxnard in Oxnard, listed for $42,500,000; and Albertsons in downtown San Diego, listed for $23,000,000. More information is available at www.nrpwestlistings.com.
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| James Tyrrell |
The NRP-West team focuses exclusively on retail investment properties in the
western states, including CA, OR, WA, NV, AZand 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.
Long recognized as industry-leading investment
experts, the NRP-West team continues to specialize in portfolio sales, anchored
centers, strip centers, single-tenant assets, specialty retail projects, REO
and Receivership assets and parcelized disposition strategy
opportunities.
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