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HUNTINGTON BEACH, CA-A Beverly Hills buyer has paid $36.2 million for the Plaza At Huntington Beach, a 301,947-sf retail center and 15-story office tower, according to Voit Commercial Brokerage.Robert Mitchell of the Anaheim Metro office of Voit Commercial Brokerage reports that First Huntington Center LP acquired the property from a Los Angeles-based company in a 1031 Exchange. Mitchell represented the seller, who had owned the property for about eight years. In addition to Mitchell, Alan Pekarcik and Dan Vittone of Voit’s Irvine office also represented the seller. Fouy Ly of Sperry Van Ness represented the buyer. The center, which was 65% occupied at the time of the sale, includes an Edwards Theatre, restaurants, shopping and service retail shops. It occupies an 8.5-acre site that takes up an entire block at Warner Avenue and Beach Boulevard. The class A office tower accounts for 200,093 sf of the 301,947 sf at the center, with the rest of the space divided between 84,328 sf of commercial pads and 17,650 sf of in-line retail space and a six-story parking structure. The center was built in 1985.Mitchell comments that the sales price indicates that in today’s market, mixed-use properties with even moderately fair occupancy like the Plaza are garnering top dollar. Brokers familiar with the market for retail properties say that Orange County retail centers rank among the most popular with investors, many of whom view retail investments in the county as one of the best long-term bets in commercial real estate.

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