HUNTINGTON BEACH, CA-A Huntington Beach shopping center has sold for $4.45 per sf.
The CVS Pharmacy-anchored center 18872-18922 Beach Boulevard changed was purchased by Sampont Properties, LLC, of Los Angeles for $13.78M, representing a 5.56 per cent capitalization rate. The 31,140sf center was 100 percent occupied at the time of the sale. The center, located on 2.54 acres, was built in 2004 and remodeled in 2008.
“We were able to structure many creative solutions to the transaction that benefitted both buyer and seller, which resulted in an escrow that closed within approximately 21 days," said William B. Asher, managing director at Hanley Investment Group, who, along with Hanley’s Eric P. Wohl and Edward B. Hanley, represented the seller, ValCenters of Newport Beach.
The buyer, Sampont, was represented by Jim Wellbaum of Triwell Properties in Hawthorne, Calif. The seller was ValCenters of Newport Beach, Calif.
“Historically, a premium has been paid for Orange County retail and the sale of CVS Plaza is another example we certainly don't see any signs of this changing in the future,” said Asher. “A combination of historically low interest rates, lack of supply and increased investor demand has given us the ability to obtain record pricing on multiple Orange County properties we haven’t seen since 2007-2008.”