A 133,000-square-foot Home Depot store in Brea has traded for nearly $45 million, marking Orange County’s largest retail sale in 2020 thus far.
The property is an anchor tenant of Brea Union Plaza, which has about two dozen tenants in total, spanning 42 acres on East Imperial Highway. It’s a few blocks east of the Orange (57) Freeway.
A private retail investor based in Roseville bought the site from Newport Beach-based Mark IV Capital Inc.
The commercial real estate investor and developer sold the store for $44.8 million, or $337 per square foot. It was built in 1999.
SRS Real Estate Partners’ National Net Lease Group, which operates out of Newport Beach, brokered the deal on behalf of Mark IV Capital, with Managing Principal Matthew Mousavi leading efforts.
Anaheim Listing, Too
SRS is also marketing another Home Depot site in Orange County with a price tag of nearly $61 million.
The 225,000-square-foot Anaheim retail property is Home Depot’s largest West Coast outlet, and its second largest nationally. The site’s been owned by N.Y.-based Maxim Properties since 2005, according to property records.
If sold at that price, it would work out to about $270 per square foot, and would represent the largest retail sale in Anaheim since 2018, when the Anaheim GardenWalk shopping center traded for $80 million, or $186 per square foot, according to data from real estate market tracker CoStar Group Inc.
It would also be the second-largest retail sale in the past year in Orange County, trailing Gary Jabara’s $65 million buy of Surf City’s 5th & PCH retail-focused mixed-use property a few months ago.
