HUNTINGTON BEACH, CA—Samport Properties bought CVS Plaza in Huntington Beach, Calif. for $13.9 million. The 31,140-sq.-ft. multi-tenant complex includes tenants such as CVS Pharmacy, Starbucks, O’Reilly Auto Parts, Verizon Wireless and Bank of America. Farmers & Merchants Bank provided $8.4 million in financing for the purchase.
“The buyer was looking to make a strategic, long-term hold investment with a class A retail center in a high-density retail corridor near a coastal city,” said F&M Fullerton Branch Vice President Kenny Lim, in a statement.“Sampont turned to F&M as a financing partner based on our certainty of execution, no prepayment penalty, flexibility, competitive interest rates and ability to close quickly. The transaction was completed in only 45 days and CVS Plaza will be a core asset in Sampont’s real estate portfolio.”
CVS Plaza sits on 2.5 acres and is 100 percent occupied. Built in 2004, the retail center was remodeled in 2008.
Jim Wellbaum of Triwell Properties represented Sampont. Seller, ValCenters, was represented by Hanley Investment Real Estate Advisors’ William B. Asher, Eric P. Wohl and Edward B. Hanley.