SANTA ANA, CALIF. – CBRE Executive Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in the city of Santa Ana, Calif., anchored by a high-performing Northgate Market and CVS/pharmacy, along with a synergistic mix of retail and shop tenants. The sale price was $31,800,000, representing a 3.76% cap rate on high occupancy.
CBRE’s retail investment experts Voorhees, James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read represented the seller, an Orange County-based private investor partnership and the center’s original developer. The buyer, also represented by Voorhees and the NRIG-West team, was a San Diego-based private real estate investment fund manager.
Built in 1986, McCalla Centre is located on 8.72 acres at 230 N. Harbor Boulevard in Santa Ana, near W. 1st Street. The shopping center was 97% occupied at the time. “McCalla Centre possesses the extremely solid real estate fundamentals all seasoned investors covet and pursue: a densely populated, infill Orange County location, low anchor lease rates providing tremendous embedded value and creating a future upside, and like Northgate Market, many of the tenants perform at high sales volumes,” said Voorhees.
According to Voorhees, the CBRE team’s marketing system distributed more than 384 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated more than 14 offers to purchase the property. The purchase price exceeded CBRE’s pricing guidance to the ownership.
“At McCalla Centre, pricing surpassed seller expectations,” said Voorhees. “And, the purchaser will be an excellent steward of this asset for years to come. This was a wonderful execution for all parties.”
With this closing, CBRE’s NRIG-West team has closed 162 transactions since the start of 2012 for a total consideration of $3.0 billion. In total, the NRIG-West team has listed and sold more than $9.0 billion in retail transactions. Select NRIG-West team California listings include Santa Maria Town Center in Santa Maria, Calif., listed for sale for $34,360,000; Stonecreek Plaza in Los Banos, Calif., listed for sale for $13,261,000; and Kalmia Plaza in Murrieta, Calif., offered for sale for $7,605,000. More information available at www.cbre.com/nrigwest
NRIG-West team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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