FOUNTAIN VALLEY, CA-US Millennium LP of Huntington Beach purchased the 220,000-sf Fountain Valley Town Center at the southwest corner of Brookhurst Street and Edinger Avenue from Lestralaur Fountain Valley Partners Ltd. of Washington State, according to Irvine-based Reza Investment Group.Reza Etedali, founder and president, tells GlobeSt.com that the center consists of eight separate, single-story buildings that were 92% occupied at the time of the sale. Etedali represented both the buyer and the sellers, who had owned the property for approximately 20 years. The shopping center, which was built in the early 1980s, is anchored by Albertson’s and Drug Emporium, with other national retailers that include Petco, Factory 2-U, Starbucks, Pizza Hut, Blockbuster, Burger King, Denny’s and Fantastic Sams.Etedali says the asset attracted significant interest from both institutional and private investors, drawing approximately a dozen offers. He says demand for this asset, as well as the interest that buyers are showing in a number of other grocery-anchored centers currently being marketed by his firm, illustrates that grocery-anchored shopping centers are still the product of choice for many real estate investors.Having a dozen offers is not unusual for an Orange County retail property, according to Etedali, who points out that retail assets in the county generally trade less often than those in other parts of Southern California because Orange County owners tend to hold onto their properties. Of the $250 million in retail properties his firm has listed, Etedali says, 80% of them lie outside of Orange County–even though Reza Investments is Orange County-based and focuses on retail properties in the county. The reluctance of investors to sell retail assets in the county, Etedali says, illustrates how valuable the owners consider the properties.

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.

 

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.