PORTERVILLE, CA-Retail investors have spent $13 million for two assets in two separate transactions here and in Fullerton, according to Reza Investment Group and the Hanley Brown Group. The larger of the two deals is the $10.9 million sale of a grocery-anchored center here that was brokered by Irvine-basedReza Investment Group.
Reza reports that Porterville Investments 2005 LP bought the 100,891-sf Porterville Town Center, which is anchored by a Save Mart grocery, from Porterville Real Estate Holdings LLC of Los Angeles. Reza Investment Group represented both parties.
Besides Save Mart, Porterville Town Center's tenant roster includes Anchor Blue, Domino's Pizza, AT&T Wireless, Curves For Women, Happy Nails, Rent A Center, Blockbuster Video, Susie's Deals and Advance America.
The sale reflects "the tremendous growth and changing demographics in the Central Valley," says Terry Bortnick, president of Reza Investment Group. He says the growth has attracted mumerous new investors, especially those who seek grocery-anchored centers.
In the Fullerton transaction, the Hanley Brown Group reports that a private investor based in Long Beach bought the 13,050-sf multitenant strip center at the northeast corner of State College Boulevard and Orangethorpe Avenue from a Los Angeles-based investor. Joseph Lising of Hanley Brown Group represented the buyer, with the seller represented by David Stahl of Metro Resources in Los Angeles.
Built in 1964 and renovated in 2003, the single-building property is located on one acre at 2451 E. Orangethorpe Ave. The property presented the buyer with "a tremendous opportunity to acquire a well-located north Orange County shopping center with outstanding upside potential to immediately increase below-market rents," Lising says.
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