Buyers Pay More Than $8M For Retail Sites

FULLERTON, CA-Buyers have paid $8.1 million for two retail properties in recently closed deals, one here and one in Monrovia, according to brokers from Hanley Brown and Sperry Van Ness. The properties include 11,800 sf of Fullerton Marketplace here and a 7,600-sf center in Monrovia.

In the Fullerton transaction, Jeremy S. McChesney of the Hanley Brown Group reports that the Los Angeles County-based Clayton Trust bought nearly 11,800 sf of in-line shop space located immediately adjacent to Albertsons at the Fullerton Marketplace for $4.4 million. McChesney represented the buyer and the seller, the Wang Trust of Orange County.

Built in 1991, Fullerton Marketplace is a neighborhood shopping center at the southeast corner of Orangethorpe Avenue and Euclid Street. It is anchored by Albertsons, which was not a part of the sale.

The transaction represented a historically low cap rate for a multitenant shop sale in Fullerton,” says McChesney. “At $374 per square foot, we produced multiple offers for a property that featured 100% occupancy, had exceptional frontage along two major thoroughfares, and included an excellent mix of local and regional tenants,” he says.

In the Monrovia transaction, Cheryl Pestor of Sperry Van Ness in Pasadena reports that a private investor based in Manhattan Beach paid $3.7 million for a center at 102-108 S. Myrtle Ave. Pestor represented the sellers, three Pasadena-based family trusts, with Neil Mishurda of CB Richard Ellis representing the buyer.

Remodeled in 2001, the retail building is located at the gateway to Old Town Monrovia’s shopping and business district and is near the 210 and 605 freeways. The property is 100% leased to Coffee Bean & Tea Leaf, Quiznos, Teri & Yaki and Urbane Beauty.