CERRITOS, CA-Private investors from Glendale doing business as Cerritos Best Plaza LLC have purchased the 360,000-sf Best Plaza Shopping Center from the Krausz Cos. of San Francisco for $57 million, according to Faris Lee Investments. Rich Walter, president of Irvine-based Faris Lee, says the 26-year-old shopping center attracted multiple offers. Walter and David Lee of Faris Lee represented the seller, with Debra Collins of Collins Commercial representing the buyer.Best Plaza, adjacent to the Los Cerritos Mall, was built in phases beginning in 1978 and ending in 1999, with access to the San Gabriel and the Riverside (91) freeways. The center consists of 11 buildings on 25.6 acres and was 100% occupied at the time of the sale. Tenants include Burlington Coat Factory, Big Lots, Office Depot, Levitz Furniture, Guitar Center and BJ’s Brewery.Faris Lee targeted private investors in marketing the center, Walter says, explaining that the brokerage expected that private investors would pay the best price for the property. He notes that institutions bid on the property as well. Walter described the center as “a unique opportunity for the buyer to acquire a multi-parcel, stabilized regional shopping center, with upside potential through selling off parcels.” The transaction is the latest example of private investors acquiring large assets in Southern California that formerly would have been too large for most private buyers. However, with the rise in values in the region’s commercial properties in recent years, private buyers are now bidding on significantly larger assets than in the past. Seller Krausz Cos. is the same owner that sold the Puente Hills Mall for $148 million last year in a tenant in common transaction brokered by Faris Lee. In that example as well, private investors pooled their funds to acquire an asset of a size that formerly would have been affordable only by institutional investors.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.