X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

HEMET, CA-Hemet Village West LLC of Beverly Hills has acquired the 196,000-sf Village West Center at the southeast corner of West Florida Avenue and Sanderson Avenue from BHI DOVER-XVI of Santa Monica for $28.9 million, according to Reza Investment Group (RIG) of Irvine, which brokered the transaction. The 22-acre center is anchored by a Vons supermarket and includes tenants such as Longs Drugs, Hometown Buffet, Michaels, Ross Dress for Less and Pier 1 Imports. Reza Etedali of RIG tells GlobeSt.com that the sales are among $100 million of grocery-anchored retail properties to close in the past month in Orange and Los Angeles counties and the Inland Empire.The sale of the Village West Center comes several months after the center was refinanced by its former owners, according to a GlobeSt.com report in June. The center, which was built in 1982 and had been owned by the sellers since 1999, was 100% occupied at the time of the recent sale. The center also recently signed Michael’s Arts & Crafts to a 10-year lease. Etedali represented the seller, with the buyer represented by Steve Daneman of Daneman’s Realty.In an Orange County transaction, reported previously on GlobeSt.com, 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. The closings of the Hemet and Fountain Valley properties, along with the sales of two other grocery-anchored centers in Los Angeles County for nearly $40 million, Etedali says, are evidence that grocery-anchored centers remain a favorite choice of 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.