September 26, 2016
Lee & Associates completed the $4.7-million sale of Grovemont Square, a 29,030-square-foot multi-tenant retail shopping center Santa Ana, CA. The transaction represents a cap rate of 4.26%.
Built in 1973, the multi-tenant retail building is situated on a 2.5-acre parcel just south of the 22 Freeway and was 85% occupied.
Lee & Associates’ Jon Selznick and Brant Dorman represented the unnamed seller, a private investor in Encino, CA. Selznick also represented the undisclosed buyer, a private investor in Commerce, CA.
Selznick says, “The seller achieved an exit cap rate indicative of one of the strongest commercial real estate markets in recent history, and the buyer purchased an asset in a premium infill location on a major thoroughfare with potential for future upside.”
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