Sarofim Spends $48M For Bristol Center

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SANTA ANA, CA-Sarofim Realty Advisors of Dallas has purchased the 165,037-sf Bristol Center shopping center at 3601 Bristol St. from Investcorp of New York City for $48 million. The center consists of eight single-story buildings, three of which have multiple tenants and five of which are occupied by single tenants.Investcorp, which is a subsidiary of Bahrain’s Investcorp Bank BSC, had owned the center since August 2003. The property, which occupies a 14-acre parcel that includes parking for 667 vehicles, is close to South Coast Plaza, one of the highest grossing regional shopping malls in the US. Its location at the southeast intersection of Bristol Street and MacArthur Boulevard is one of the busiest intersections in Orange County. Major tenants at Bristol Center include Sav-On drug store, Office Depot and Staples. Sarofim, which acquired the center on behalf of an institutional investor, was represented internally by Simon Honeybone and Jeff Chavez. The CB Richard Ellis team of Todd Goodman, Preston Fetrow and Kirk Brummer represented Investcorp.Al Galpern, CEO of Sarofim, calls the center “a strategic asset in a very solid retail market,” saying it “will provide long-term stable cash flow” as a core holding. The deal underscores the continuing popularity of retail investments in two Los Angeles Basin markets, Orange County and the Inland Empire. In the Inland Empire recently, for example, Sperry Van Ness reports that buyers acquired four retail properties for $10.6 million in transactions brokered by Brad Umansky of the firm’s Ontario office.In Victorville, private investors from Los Angeles bought the 14,120-sf Shoppes at Victor Valley at 14350 Bear Valley Rd. from Manhattan Beach-based Investment Partners for nearly $4.3 million. A newly constructed, two-building center, the property is anchored by David’s Bridal and was 100% leased at the time of the sale. The buyer was represented by James Kim of ReMax.In Rancho Cucamonga, a Ventura-based family trust bought a one-building property totaling 4,592 sf at 6644 Carnelian St. from Minden, NV-based Rancho Plaza LLC for $2.8 million, with Umansky representing both the buyer and the seller. The property is 100% leased by PFF Bank & Trust and is part of Rancho Plaza Shopping Center. A Northridge-based private investor paid more than $2 million for a one-building 3,090-sf center at 518 Foothill Blvd. that was built in 1988 and is 100% leased to Circle K, which has been a tenant at the property for 15 years. Umansky represented the seller, an Anaheim-based private investor, with the buyer represented by Daniel Kim of Century 21 D&H Realty.In the fourth Inland Empire deal, Mobil Oil paid nearly $1.5 million for a one-building, 1,084-sf property at the northwest corner of Indian Street and Alessandro Boulevard that was built in 1990. Umansky represented the seller, Irvine-based Mel-Com Associates, with Mobil, which will occupy the site, represented by Chris Rink of Grubb & Ellis.