YORBA LINDA, CA-A 1031 exchange buyer based in Arcadia has acquired the 89,692-sf Bryant Ranch Shopping Center at 23621-23741 E. La Palma Ave. from Newport Beach-based Bryant Ranch Partners for nearly $21.9 million. The buyer, First Duarte Bryant Ranch LLC, won out in bidding with 17 other prospective buyers for a retail center featuring an unusual anchor tenant that presented a challenge for brokers marketing the deal.

According to Shaun Riley, director of advisory services for Irvine-based Faris Lee Investments and the seller’s representative, the marketing challenge was unusual even though the center was fully occupied at the time of the sale. The property is anchored by a tenant called the Ice Palace that is not a traditional anchor.

Riley explains that the Yorba Linda Ice Palace is subleasing the Ralph’s (Kroger) anchor space. He says that since the Ice Palace is not a traditional retail anchor, it is expected that the property will be repositioned in the future.

Faris Lee was faced with the challenge of identifying potential buyers who would understand the property’s value-added potential through bringing the below-market rents up to current rates, as well as signing new tenants, Riley says. The Irvine-based brokerage thus targeted 1031 exchange buyers who understood the strong dynamics of the Orange County retail property market.

“Our challenge was to educate buyers on how to handle the upcoming re-tenanting of the anchor which could eventually change the tenant makeup of the entire center,” Riley says. Among the points that Faris Lee emphasized to buyers is that Yorba Linda’s retail vacancy rate is approximately 2% and the demographics in the local trade area offer high annual household incomes, averaging $143,000.

The center, which sits on a site of more than 9.4 acres, is leased by a diverse tenant mix including dental, home improvement, food, child care, tutoring, professional services business, a fitness center and others. Its location is just off the 91 Freeway on the northeast corner of East La Palma Avenue and Via Lomas De Yorba Street.

Riley adds that Bryant Ranch Shopping Center also benefits from its location near Savi Ranch Power Center, a 500,000-sf property that features Best Buy, Costco, Home Depot, Kohls, Staples, PetsMart, TGI Fridays, Olive Garden, El Torito and many others. Buyer First Duarte was represented by Stephanie Liang of Century 21 E-N Realty. First Duarte assumed an existing loan on the property, which sold at a 6.5% cap rate.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2024 ALM Global, LLC. All Rights Reserved.