All-cash buyers recently gobbled up three SoCal strip malls, says broker Hanley Investment Group Real Estate Advisors from Irvine.
Sold were:
Citrus Foothill Retail Center — 24,624-square-foot center at 16119 Foothill Boulevard in Fontana. Tenants include Sprint and KinderCare. Property 96% occupied at sale, worth $2.9 million. Buyer: Fontana Shopping Plaza LLC of Calabasas, Calif. Seller: Los Altos VII, L.P. of Orange County.
Smith Avenue Center — 31,663-square-foot center at 508-514 S. Smith Avenue in Corona. Tenants include Lohdi Market, Chico’s Bakery, Ely’s Beauty Salon, Ochoa’s Carniceria and Sara’s Bridal Boutique. Property 59% at sale, worth $2.1 million. Buyer: NSHE CA Leonardo, LLC of Los Angeles. Seller: 508 Smith Ave. LLC of Orange County.
Grand Jurupa Center — 40,040-square-foot center at 5105-5145 Jurupa Avenue in Riverside. Tenants include Baker’s Burgers, Bryer’s Liquor, Charlie Rokk’s BBQ, Elegant Nails, Jurupa Coin Laundry, Outback Grooming, Papa Joe’s Pizza and Star Donut. Property 54% occupied at sale, worth $3,1 millon. Buyer, La Peer Investment, LLC of Beverly Hills. Seller: 5119 Jurupa Ave. LLC of Orange County.
William Asher at Hanley: “The demand for multi-tenant retail with upside continues to remain very steady. “There is still a great deal of pent up demand and capital in the market pursing value-add assets for the opportunity to chase higher yields through repositioning and leasing up excess vacancy.”
Edward Hanley at Hanley: “Even with low interest rates and lending options continuing to open up, we anticipate a similar trend of all cash buyers transacting these types of properties in 2012.”
CIP Real Estate of Irvine in a partnership with Buchanan Street Partners of Newport Beach sold a 109,585-square-foot industrial building at 985 Trade Drive in North Las Vegas for &7/5 million. Tenants are Cox Communications and Creative Light Source. Buyer is part of Pacifica Real Estate Group of Newport Beach. “We are very pleased with this sale given the challenging market environment,” said Chuck McKenna of CIP. “We stabilized the building in 2010 with the lease to Cox Communications, therefore positioning the property for sale in accordance with our business plan.”
Also … CoStar reports 5858 Warner Ave. retail center in Huntington Beach, CA sold from Huntington Warner Property LLC to Sancals Group LLC for $6.9 million, or about $229 per square foot. Property is currently leased to 24 Hour Fitness. … A private party acquired 8,510-square-foot 1800 E. Deere Ave. in Santa Ana, CA from Peppridge Holdings LLC for $1.5 million. … New Era Cap bought the 9,900-square-foot 8945 Research Dr. in Irvine from Zions First National Bank for $1.95 million. The building was foreclosed on in October.