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FULLERTON, CA—When a struggling vacuum-cleaner repair shop is converted into a new, hip restaurant concept, all the surrounding tenants benefit from the influx of customers, CBRE broker James Lehigh tells GlobeSt.com. As we recently reported, Lehigh and Nathan Holthouser recently represented the buyer, local investor McFadden Place LLC, in an approximately $11.8-million 1031 exchange involving Condon Plaza, a mixed-use property in Downtown Fullerton, CA, that currently houses 14 tenants, including ground-floor store-front retailers and second-story office users.
Lehigh characterizes this asset as value-add retail and foresees future rental growth for the property. We spoke with him about what that term means and how these properties can benefit in suburban downtowns, which are growing in popularity.
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GlobeSt.com: Please explain what “value-add retail” is and how it differs from regular retail properties.
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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.
