62.4 F
Laguna Hills
Monday, Mar 18, 2024
-Advertisement-

CDM, South Coast Metro Sales Come at High Price

A pair of smaller-sized retail properties in Corona del Mar and Santa Ana have changed hands at eye-catching prices.

In Corona del Mar, Newport Beach-based Burnham USA late last month completed the purchase of a roughly 7,000-square-foot block of properties at the northwest intersection of Marguerite Avenue and East Coast Highway.

The buildings, at 3224-3250 E. Coast Highway, include the home of Quiet Woman Restaurant & Bar and a few other tenants.

Terms of the sale, made with a longtime family owner, weren’t immediately disclosed. The property was listed for sale for nearly $7.9 million, or more than $1,100 per square foot, earlier this year, according to data from Marcus & Millichap Real Estate Investment Services, whose Paul Bitonti had the listing, along with Roger McKinnon of Rogers Realty.

The average sale price for retail properties in OC is nearly $400 per square foot, according to brokerage data.

The purchase adds to the local portfolio of Burnham USA, the second-largest owner of individual commercial properties in Newport Beach behind the Irvine Company. The investor’s chief executive, Scott Burnham, is a longtime resident of the area.

Meanwhile, in the South Coast Metro area of Santa Ana, a Los Angeles-based private investor last month bought MacArthur Plaza, a 13,468-square-foot multitenant retail strip center at 2 Hutton Centre Drive next to the Skyline MacArthur apartment towers.

The center, home to several restaurants, sold for $10.9 million, which works out to a 5.7% cap rate and a price of $809 per square foot.

The sale was brokered by Phil Voorhees and Jimmy Slusher, who are part of CBRE Group Inc.’s National Retail Investment Group.

Local Seller

Costa Mesa-based shopping center owner Donahue Schriber also has gotten top dollar in a retail sale, in this case for a property in its hometown.

The company, which owns nearly 80 shopping centers on the West Coast, recently sold the 25,074-square-foot Bristol Village Center, near the intersection of Bristol Street and Red Hill Avenue.

Los Angeles-based Festival Development Group bought the property, which had been on the market for less than a month.

Terms of the sale weren’t immediately disclosed, but sources said it traded hands for just under $13 million, or roughly $520 per square foot.

The sale was brokered by Colliers International’s Tom Lagos, El Warner and Jereme Snyder.

Bristol Village Center was built in 1988 and sits on 4 acres. It underwent a major renovation and upgrade in 2006, according to Colliers. Tenants include McDonald’s, Starbucks, Del Taco and Inka Grill.

The center is believed to be Donahue Schriber’s only retail property in Costa Mesa; the company’s website shows it owns seven other properties in Orange County.

“This was a rare opportunity to own one of the most desired retail projects in the south Orange County market at an attainable price and a favorable cap rate,” said Colliers Executive Vice President Lagos, who works in the brokerage’s Los Angeles office.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-