November 15, 2016 Comments Off on Brea Strip Center Trades for $21.1M Views: 552 California News, Orange County, West

Brea Strip Center Trades for $21.1M

Brea Imperial Shopping Center, a 43,243-square-foot retail center in Brea, CA, traded hands for $21.1 million. The transaction closed at a 4.95% cap rate, representing one of the lowest in Orange County this year for a strip center.

The 5-acre site was originally developed in 1980, and remodeled in 1993. The property is slated to undergo an extensive remodel and re-merchandising plan, encompassing higher-end food and service tenants, and is expected to drive traffic and cater to the market’s high-income demographics.

CBRE’s Arthur R. Flores represented the seller, a locally-based family. Lee & Associates’ Henry Hong represented the buyer, an Orange County-based partnership.

Flores says, “Brea Imperial Center was only 75% occupied at the time of sale, appealing to savvy investors who understood the excellent real estate fundamentals of the asset, the strong trade area demographics and the exceptional retail location.”

Connect With CBRE’s Flores

Connect With Lee & Associates’ Hong

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , ,

Comments are closed.