OC Retail Center Sells for $30M
- May 31, 2018
Merlone Geier Partners has purchased College Plaza Shopping Center, a 77,276-square-foot retail facility in Fullerton, Calif., for $29.7 million. JLL arranged the sale on behalf of the seller, a private investor. The buyer represented itself in the deal.
At 2400-2520 East Chapman Ave., the retail center is situated alongside Highway 57. The area is densely populated, with approximately 224,825 people living within a three-mile radius. The average income in the area is about $62,000. College Plaza Shopping Center was built in 1962 and upgraded in 1998. Retail chain 99 Cent Only now anchors the center since Goodwill vacated the property during the sales process.
“College Plaza Shopping Center was a unique opportunity for Merlone Geier to acquire a rare value-added retail center in an infill area of Orange County,” said Geoff Tranchina of JLL, in prepared remarks. “We look forward to seeing their reposition efforts, bringing in long-term tenants to meet the needs of the community.”
Tranchina, CJ Kodani and Scott Burns worked on behalf of the seller, while Merlone Geier Principals John Nichols and Matt Clabaugh represented their own company in the transaction. Last year, Tranchina also represented the seller in the disposition of Shoppes at Gateway, an 821,564-square-foot shopping center in Springfield, Ore.
Image courtesy of JLL