November 15, 2016
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.”
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