CERRITOS, CA-GlobeSt.com has learned exclusively that Cerritos Best Plaza LLC has sold Cerritos Best Plaza, a 357,220-square-foot shopping center here, to CenterCal Properties for $61.8 million. The price equates to $173 per square foot.
The center, located at 11101-11263 183rd St. here, sits on 33.48 acres of land and is adjacent to the 605 and 91 freeways. Currently 85% occupied, the center features rental rates ranging from $.50 to $2.50 per square foot.
The plaza was built in 1978 and renovated in 2002. Current and/or potential tenants include Burlington Coat Factory, Chuck E. Cheese, Easy Life, Guitar Center, Big Lots, BJ's and Buffalo Wild Wings, among others.
Deborah Collins of the Collins Co. represented the Glendale-based seller, while the El Segundo-based buyer was represented by Wilson Commercial's Geoff Tranchina and Jason Gribin. The Wilson brokers describe the center as a “rare value-added investment.”
“CenterCal Properties was attracted to the high-quality regional nature of the trade area, a unique tenant mix and the irreplaceable urban location,” Tranchina tells GlobeSt.com. “The property is across the street from a regional mall and next to the highest-grossing auto mall in the country.”
As GlobeSt.com recently reported, in December 2013 CenterCal Properties purchased Valley Mall and Valley Mall Plaza, a top-performing regional mall and adjacent retail power center totaling 679,845 square feet in Yakima, WA. HFF arranged a $42-million financing on behalf of the buyer.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
