SANTA ANA, CA—CBRE's National Retail Investment Group –West (NRIG-West) team has completed the sale ofMcCalla Centre, a 110,620-square-foot neighborhoodshopping center in the city of Santa Ana, anchored by ahigh-performing Northgate Market andCVS/pharmacy, along with a synergistic mix ofretail and shop tenants. The sale price was $31.8million, representing a 3.76% cap rate on highoccupancy.

CBRE's retail investment experts including VP PhilipVoorhees, and team members James Slusher, MeganWood, Brad Rable, Matt Burson and JohnRead represented the seller, an Orange County-basedprivate investor partnership and the center's original developer.The buyer, also represented by Voorhees and the NRIG-West team, wasa San Diego-based private real estate investment fundmanager.
Built in 1986, McCalla Centre is located on 8.72acres at 230 N. Harbor Boulevard, nearWest First Street. The shopping center was 97%occupied at the time.

"McCalla Centre possesses theextremely solid real estate fundamentals all seasoned investorscovet and pursue: a densely populated, infill Orange Countylocation, low anchor lease rates providing tremendous embeddedvalue and creating a future upside, and like Northgate Market, manyof the tenants perform at high sales volumes," saidVoorhees.