Center 72% Filled Gets Low Cap Rate

GARDEN GROVE, CA—An Orange County-based private investor has made its first commercial-property venture by buying of Garden Grove Festival Square, a 35,515-square-foot retail strip center here, from Atherton, CA-based investment company Meredith Enterprises for $11.9 million, representing a 5.59% cap rate. The center is leased to a mix of regional and local tenants including Popular Community Bank, Woori American Bank and United Dental Group.

CBRE‘s retail investment experts SVP Philip Voorhees, Brad Rable, Megan Read, Matt Burson, Jimmy Slusher and John Read represented the seller, while a cooperating/selling broker represented the buyer. As GlobeSt.com reported previously, the seller’s team began to market the center, which caters to the surrounding Asian population here, in March. The sale price matches the asking price of $12 million for the space, which is 72% occupied.