Costa Mesa-based shopping-center owner Donahue Schriber has put one of its local properties on the market.
The company, whose portfolio totals about 80 shopping centers along the West Coast, recently listed its South Coast Marketplace for sale.
The 93,379-square-foot property, located on a 9.2-acre parcel at 2701 W. MacArthur Blvd. in Santa Ana, is a few blocks from Segerstrom High School and about 1.5 miles from South Coast Plaza. It is listed for sale at $36.7 million, or about $393 per square foot, making it one of the pricier area retail properties on the market on a per-square-foot basis.
The pricing reflects a capitalization rate of about 6%.
The center is anchored by a 48,617-square-foot Ralphs supermarket that brings in about $910,000 in annual rent. It is 98% leased overall, and is expected to have $2.2 million in income next year, according to marketing materials from CBRE Group Inc.’s national retail investment group for the West, which has the listing for the center.
The property is the only Orange County center in Donahue Schriber’s portfolio known to be on the market. Other local centers the company owns include Bristol Village Plaza in Costa Mesa and the Fountain Valley Promenade.
The company has been buying more properties than it has been selling as of late. Recent acquisitions include a $41 million buy of a 127,750-square-foot center outside Seattle—its first in Washington—as well as purchases of properties in San Luis Obispo and Ventura counties.
Donahue Schriber’s development pipeline also is picking up. The company last month announced the start of construction on Rocklin Crossings, a 543,500-square-foot power center located east of Sacramento that will be anchored by a Walmart.
A nearby sister project, Rocklin Commons, is expected to break ground soon and will total more than 350,000 square feet. Both centers, which will serve a new subdivision in the area called Whitney Ranch, are slated to open in spring 2014.
Donahue Schriber’s portfolio totals close to 12 million square feet of space. California is its largest market, with other properties also in Nevada, Arizona, Washington and Oregon.
Milpitas Moves
Two new apartment complexes planned for the Santa Clara County city of Milpitas have local development ties.
Aliso Viejo-based commercial developer Shea Properties last month announced it had bought a 2.7-acre site near a light rail station in Milpitas, with plans to build a 204-unit complex. The land sold for about $7.8 million, or about $65 per square foot, according to local reports.
The project, being developed in a partnership with Los Angeles-based Resmark Apartment Living, is expected to break ground by the end of the year and should take a little under two years to complete.
Also in Milpitas, Newport Beach-based apartment developer Lyon Communities is moving ahead with construction of a 366-unit complex called Apex, which is a few blocks from the 1-million-square-foot Great Mall of the Bay Area.
Apex, which will have apartments ranging from 581 square feet to 1,450 square feet, should open next spring, according to Lyon Communities.
The area around Milpitas also could see apartment projects built by Newport Beach-based Irvine Company.
The company—Orange County’s most active apartment developer—told the Silicon Valley Business Journal last month it plans to double its 5,500-unit apartment portfolio in Northern California within five years.
Daiso Doubles
Japanese discount store chain Daiso plans to open its second Orange County location at Euclid Plaza in Anaheim.
The retailer recently inked a 7,354-square-foot lease at the center, located at 673 N. Euclid St., a few blocks north of the Santa Ana (5) Freeway. The store should open in a few months.
There are two other Daiso stores in Southern California, with more than 20 stores planned in the next few years. Its other OC location is at Heritage Plaza in Irvine, on Culver Avenue.
Daiso stores carry a variety of merchandise priced at $1.50 and up.
Ken Shishido of Wilson Commercial Real Estate represented Daiso in the transaction. The landlord, PK Euclid, was represented by Terry Bortnick of Argent Retail Advisors.
“Euclid Plaza represents the only Asian-oriented center in the immediate area,” Shishido said.
