May 31, 2017 Comments Off on Grocery-Anchored Retail Center Trades for $19M Views: 451 California News, Orange County

Grocery-Anchored Retail Center Trades for $19M

An Irvine, CA-based Cushman & Wakefield retail team led by Dixie Walker and Charley Simpson handled the $19-million sale of Central Towne Square in Lompoc, CA. Los Angeles-based Jade Enterprises sold the 96,700-square-foot grocery-anchored community center to an undisclosed high net worth individual.

The 97%-occupied Central Towne Square is located at 511 through 633 W. Central Ave., and anchored by The Kroger Company’s Foods Co.

Walker said “Central Towne Square proved an excellent opportunity to acquire the dominant grocery-anchored center in Lompoc that has a history of stable and secure cash flow. Further, this is a very well-performing store for Foods, Co., making this location even more attractive from an investor standpoint.”

Though not part of the sale, Central Towne Square is shadow-anchored by the only Walmart Supercenter within a 25-mile radius, which significantly impacted the composition and traffic in the center.

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