Orange County Retail Center Changes Hands for $31M
- Dec 07, 2015
By Ioana Neamt, Associate Editor
CBRE Executive Vice President Philip Voorhees, together with the National Retail Investment Group’s West team, has arranged the $31.8 million sale of McCalla Centre, a neighborhood shopping center in the Greater Los Angeles area.
The team representing the Orange County-based seller included CBRE retail investment experts Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson, and John Read. The San Diego-based buyer was also represented by Voorhees and the NRIG-West team.
Located at 230 N. Harbor Blvd. in Santa Ana, Calif., the 110,620-square-foot retail center is anchored by Northgate Market and a CVS/pharmacy, among other tenants. The property was built in 1986 and was 97 percent occupied at the time of sale.
“McCalla Centre possesses the extremely solid real estate fundamentals all seasoned investors covet and pursue: a densely populated, infill Orange County location, low anchor lease rates providing tremendous embedded value and creating a future upside, and like Northgate Market, many of the tenants perform at high sales volume,” said Voorhees in a statement.