SEAL BEACH, CA-Levine Investments of Phoenix bought the 144,726-sf Old Ranch Town Center neighborhood shopping center from Phoenix-based Kitchell Development for $38.5 million, according to CB Richard Ellis.Bob Young of the CB Richard Ellis Phoenix office tells that the property was fully leased at the time of the sale. Young represented the buyer, along with partners Glenn Smigiel, Steven Brabant and Rick Abraham of CB’s Phoenix office.

The Old Ranch center is at the northeast corner of Seal Beach Road and the San Diego Freeway (Interstate 405). It is anchored by Ralphs Supermarket and Sav-on Drugs, drawing from a customer base in the communities of Seal Beach, Los Alamitos and Rossmoor.

Young says investor interest in retail centers is strong and growing, adding that prospective buyers are especially interested in well-located neighborhood centers. The communities surrounding the Old Ranch center, for example, are all relatively affluent, and the center is in a mature part of Orange County with comparatively little land available for new development.

Economists and real estate specialists say the retail market in Orange County has fared better than many in the current economic downturn, with properties expected to perform solidly in the coming year, in which shopping centers are expected to remain popular with investors.

Although job growth in the county has been slower the past two years than it once was, it is expected to finish the year with job gains, a slight increase in retail spending, and the prospect of greater job gains plus further increases in retail sales next year, economic forecasts suggest.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.