October 17, 2017
Los Angeles-based SCB Inc. acquired a 105,636-square-foot retail shopping center in Fullerton, CA for $24.5 million. The seller was Fiesta Distribution LLC, an Orange County-based local family office.
Located at 110 to 130 W. Imperial Highway, the property is currently leased to Best Buy, 24 Hour Fitness and a freestanding, drive-thru Robek’s Juice pad.
The private investment buyer was represented by Smart Loan Capital. CBRE’s Arthur R. Flores and Shaena Cushman represented the seller. Fiesta Distribution purchased the center as a value-add opportunity in 2011, and implemented a repositioning strategy including upgrades, bringing in new retailers and renewing existing ones.
Flores says, “The seller took advantage of the low cap rate environment and strong 1031-buyer demand. We were able to locate an investor who was attracted to the stable income provided by these high-quality tenants, the underlying property value and ease of management.”
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