CA Value-Add Retail Site Trades for $21M
- Aug 08, 2018
Merlone Geier Partners has acquired Warner West, a value-add retail redevelopment site in Huntington Beach, Calif., for $21.4 million.
Located at 6885-6991 Warner Ave. on seven acres at the intersection of Warner Avenue and Goldenwest Street, the property is home to Big Lots, in-line shops and a restaurant pad building. At the time of sale, the 73,427-square-foot Warner West was 78 percent occupied with short-term anchor and shop leases, allowing for near term redevelopment of the asset.
The HFF investment advisory team of Managing Director Gleb Lvovich and Director Daniel Tyner represented the buyer in the transaction. In January, Lvovich led a team in the $5.6 million sale of Colony Plaza, a 73,199-square-foot shopping center in Ripon, Calif.
“Well-located, aging shopping centers will continue to be in demand with the influx of value-add capital in the market. With the complexities involved in retail today, we will continue to see private families and traditional long-term holders sell properties to seasoned operators with the experience and expertise to reposition these sites into vibrant retail environments,” Lvovich told Commercial Property Executive.
Image via Google Street View