Stoneridge Buys 105,000-SF Center for $20M

The property, situated at the corner of Cook Street and Highway 111, is is anchored by a Ralph's Fresh Fare and CVS Drugstore. Additional tenants include a variety of apparel retailers, restaurants, professional and service providers. The center has historically operated at high occupancy levels and rental rates, Stoneridge notes. A&B Properties was represented by Sam Alison, Dan Riley, Danielle Bower and Maggie Montez of CB Richard Ellis; Stoneridge did not use broker representation.

Commenting on the deal, Stoneridge Capital Partners CEO Greg Merage says, "Current economic fundamentals have made a number of stable, high-quality properties available at favorable pricing." Stoneridge is aggressively pursuing these properties to build its portfolio of commercial and multifamily assets, he adds.

The deal was an "advantageous disposition" for A&B, according to Norbert M. Buelsing, president of A&B Properties. He says the "favorable pricing" reflected the resort community location of the shopping center, which A&B has owned for 11 years, and "a recent lease extension with an anchor tenant."

Stoneridge also recently acquired the Avila at Rancho Santa Margarita, a 498-unit, luxury apartment complex at 22751 El Prado in Rancho Santa Margarita, for which it paid $70 million. In addition to its Southern California deals, the company is expanding its portfolio of retail, office, hotel, multifamily, and residential land in major markets in California, Phoenix, Las Vegas, Hawaii and Denver.