FOUNTAIN VALLEY, CA—Colliers International has negotiated the $25.9 million sale of a 6.5-acre site in Fountain Valley that houses a Curacao Department Store.
The buyer, Spirit Realty Capital, is a publicly traded real estate investment trust (REIT) based in Scottsdale, AZ, while Santa Ana-based Red Mountain Asset Fund II, was the seller. Both firms have extensive property holdings in several property categories, including single-tenant retail sites like the Curacao location.
The brokerage company is calling this the first sales transaction on the open market of a single-tenant site involving the successful retailer that caters to the Hispanic consumer.
The sale was consummated after a team of Colliers brokers launched an aggressive national marketing campaign highlighting the benefits of the property that is occupied by a 103,000-square-foot Curacao building. Located at 16111 Harbor Blvd., the site is on one of the most heavily-trafficked thoroughfares in Orange County. The team's national marketing campaign highlighted the property's prized location, Curacao's success and long-term lease at the site, and the region's favorable demographics.
“The single-tenant, triple-net lease offering included not only the free-standing Curacao store and the land it sits on, but an income-producing cell tower on the property, as well,” said Colliers' Eric Carlton, who along with SVP Michelle Schierberl, EVP Jereme Snyder and SVP Donald Ellis comprised the Colliers team. “The area's demographics proved to be an important part of the sales process, as well.”
Since its founding in 2003, Spirit Realty Capital's core business is single-tenant sale/leaseback real estate financing and acquisitions, typified by the Curacao transaction. Its gross real estate investment portfolio exceeds $7 billion, comprising approximately 2,100 properties across 48 states. Founded in 1999, Red Mountain Retail Group has grown from one moderately-sized shopping center in Phoenix into a highly profitable portfolio encompassing over 3.5 million square feet of commercial retail development with a current value of over $700 million dollars.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
