GARDEN GROVE, CA—GlobeSt.com has learned that a Northern California-based private investor is offering Garden Grove Festival Square, a retail center that caters to the surrounding Asian population here, for sale. The seller is asking $12 million for the 72%-occupied space.
Built in 2006, the 35,515-square-foot retail center is leased to a synergistic mix of local tenants and is co-anchored by Popular Community Bank, Woori American Bank and United Dental Group. The property is considered the “best in class” retail center among predominantly smaller, dated properties in the vicinity.
CBRE‘s Philip Voorhees, James Slusher, Megan Read, John Read and Brad Rable are handling the marketing of the property. The team reports that through the lease-up of 9,822 of vacant space and embedded rental growth, the NOI is projected to nearly double over the anticipated hold period, providing improving cash-on-cash returns.
Garden Grove Festival Square features approximately 415 feet of frontage on Garden Grove Blvd. and 300 feet along Brookhurst St., two major roads in the area. It is located across Garden Grove Blvd. from the “Brookhurst Triangle,” a mixed-use development that at build-out will include 600 residential units, 100 hotel rooms and up to 80,000 square feet of retail.
Along with a large Asian population, Garden Grove has one of the highest Hispanic and Latino populations in Orange County. The city is also known outside the Southern California area for being the home of Robert H. Schuller’s Crystal Cathedral, from which religious broadcasts are made.