X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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.