PLACENTIA, CA-Three retail properties have traded for nearly $42 million in three separate transactions brokered by Grubb & Ellis, Sperry Van Ness and Marcus & Millichap. The deals include the $20.3-million sale of the Imperial Rose Plaza in Placentia, the $13.96-million sale of Mariposa Plaza in Fountain Valley and the $7.5-million sale of the Heritage Plaza in Tustin.
Michelle Schierberl of Grubb & Ellis, who represented the seller of Imperial Rose Plaza, reports that San Diego-based pension fund adviser Washington Capital Management bought the 101,484-sf center on behalf of Rreef. The center was 100% leased at the time of sale, with a tenant roster including Stater Bros., Sav-on Pharmacy, KinderCare, Jack in the Box and Wienerschnitzel.
The seller was Imperial Rose LLC, a group of Southern California-based investors. Washington Capital represented itself in the deal.
Mariposa Plaza is a 39,600-sf retail center at 18175-18255 Brookhurst St. in Fountain Valley. Sharon Browning and Mehran Foroughi of Sperry Van Ness in Irvine report that Newport Beach-based Mariposa Plaza LLC acquired the property from Rancho Mirage-based GMN Co. LLC, with Browning and Foroughi representing both the buyer and the seller.
Built in 1987 the three-building Mariposa Plaza is situated on 3.82 acres at the major cross street of Talbert Avenue, close to the 405 Freeway. At the time of the sale the center was 98% occupied by tenants including Hoag Healthcare, Tarbell Realtors, CitiFinancial, Edward Jones Financial and Togo's.
Heritage Plaza is a 15,000-sf center at 137 W. First St. in Tustin that was built in 2005. Stroscher Investments LLC acquired the property from the developer in a transaction that was brokered by Scott Hook of Marcus and Millichap.
The retail sales illustrate the "strong investor demand for shopping centers in Orange County" that Marcus & Millichap cites in a recent market report on the retail sector in the county. "For-sale inventory has been relatively limited, which has resulted in a sharp decline in transaction velocity," the report says, but when properties do hit the market they typically attract multiple offers and command top prices.
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