Regency, a Florida-based national owner and developer of neighborhood and community centers, has acquired 4.6 acres at the northeast corner of Los Serranos Country Club Drive and Soquel Canyon Parkway that will be the site of its new center. The center will be called Soquel Canyon Crossing.
The development will include a free-standing Rite Aid drug store, a Wells Fargo Bank, a Firestone Automotive Center and 9,200 sf of neighborhood retail shop space. More than 7,700 houses are under construction or planned in the immediate trade area, with construction of the shopping center expected to begin this spring and be completed in the fall.
In the Buena Park sale, Jeremy McChesney of the Irvine-based Hanley Brown Group reports that two Orange County-based individual investors bought the multitenant center at the northwest corner of Beach Boulevard and Stage Road from a private investor based in San Diego County. Built in 1977, the center is situated on 1.48 acres and features five tenants in two buildings.
McChesney, who represented both the buyer and the seller, notes that the transaction represented a historically low cap rate of 5.78% for a multitenant shop sale in the City of Buena Park. The property, which was 100% occupied at the time of the sale, is adjacent to a drive-through Burger King that was not a part of the sale.
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