An Anaheim property home to Home Depot’s largest West Coast outlet has traded hands for $53 million, in the largest reported sale of an Orange County retail site this year.
An affiliate of San Diego’s Sunbelt Investment Properties bought the sprawling single-tenant property at 1095 Pullman St. last month, property records indicate.
The site is within the Savi Ranch retail corridor, just north of the Riverside (91) Freeway.
It totals north of 225,000 square feet on 18 acres of land, including a 178,660-square-foot building, and a 46,750-square-foot garden center. It also has 923 parking spaces, according to marketing materials for the property.
The price for the property works out to about $235 per square foot.
Sunbelt owns several big-box anchored shopping centers in OC, including a pair of Target-anchored sites in Garden Grove.
SRS Real Estate Partners’ National Net Lease Group, which operates out of Newport Beach, listed the building for sale early this year. A $60 million asking price was initially quoted for the property, which was sold by N.Y.-based Maxim Properties. It had owned the site since 2005.
Brea Site for $45M
Only two retail properties in OC have sold for more than $20 million this year, according to CoStar Group Inc. records. Both are Home Depot sites.
A 133,000-square-foot Home Depot store in Brea traded for almost $45 million near the start of April.
Home Depot 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 and the entire shopping center brought in nearly $165 million in sales for the 12-month period ending June 30, according to Business Journal research.
A private retail investor based in Roseville bought the Home Depot portion of the site for about $337 per square foot from Newport Beach-based Mark IV Capital Inc.
For more on OC’s base of shopping centers, see this week’s list on page 28.
