X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEAL BEACH, CA-Ramsey Real Estate has sold its 8,550-sf Main Street Square retail center to LST Investments for $3.9 million, according to Jeffrey T. Ramsey. La Jolla-based Ramsey, a developer of retail and commercial projects, reports that besides the retail center at 148 Main St., the deal included a 19-space parking lot at 147 Main St., next to the 100% leased retail property. Ramsey bought the property through an affiliate, Main Street Square LP, in August of 2003 and then renovated it fully with glass storefront systems on Main Street and Central Avenue, complete building system replacements, seismic upgrades, new landscaping, sidewalk benches and replacement of the sidewalks, curbs andgutters surrounding the project. Main Street Square LP represented itself in the sale, with LST Investments represented by Ken Trossen of Equity Brokers Inc. of Long Beach. The center’s tenants include Javatinis Espresso, ZPizza, Razmataz Treasures, Verizon Wireless, Barbara’s Beauty, Prime Time Fitness and Caribbean Tans.

The Seal Beach property was one of a host of retail deals to close recently in Orange County, including the $5.8 million sale of a LA Z Boy in Mission Viejo to Invest West Alpha, according to Marcus & Millichap, which represented both the buyer and the seller, Adobe Avery Parkway. The seller, which had owned the property since 2004, was represented by Scott Hook, with the buyer represented by John Burke. The La Z Boy property is an approximately 16,119-sf single tenant building at 28565 Marguerite Parkway.

In San Clemente, the Charles Dunn Co. reported the $3.5 million purchase of the 12,500-sf Presidio Plaza at 401 S. El Camino Real. The seller, Sillen Holdings LLC was represented by Jason Afshar of the Newport Beach office of the Charles Dunn Co., with the buyer, an individual investor, represented by Tom Arai of Dunn’s Newport Beach office. The new owner chose Dunn as the property manager and leasing agent for the 11-tenant center, which is 100% leased.

In Orange, Sperry Van Ness reports that a private investor paid $2.1 million for a triple-net leased, 8,100-sf retail center at 1520-1532 W. Chapman Ave. in a transaction brokered by Mehran Foroughi the Irvine office of the brokerage firm. The buyer was represented by Charles Kim of Sunny International Realty. The property was built in 1972 and renovated in 1993 and is 100% leased to five tenants. Foroughi says Sperry Van Ness received many offers on the property after just a few days of being listed, thanks to its strong location and strong tenant base, which produced a winning offer $100,000 over the asking price. In Palm Springs, in another Sperry Van Ness deal, a San Jose investor bought the 7,950-sf El Patio Court center at 382 to 398 N. Palm Canyon Drive from a San Diego-based private investor for nearly $1.8 million. Char Sharp-Pfeifer and Raven Sharp of Sperry Van Ness in Palm Springs, who represented the seller, say the property attracted multiple offers in excess of the price offered and was on the market just four days. The center was built in 1940, is situated in the Palm Springs central business district and is 90% leased to upscale tenants. The buyer was represented by Ron Robinson of Robinson Commercial.

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

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.