SANTA ANA, CALIF. – (RealEstateRama) — Lee & Associates, a national commercial real estate brokerage firm, announced today that the company represented the buyer and seller in the sale of Grovemont Square, a 29,030-square-foot multi-tenant retail shopping center at 2428 North Grand Avenue in Santa Ana, Calif. The sale price was $4,730,000, representing a cap rate of 4.26 percent.
Lee & Associates’ Senior Vice President and Principal Jon Selznick and Associate Brant Dorman represented the seller, a private investor from Encino, Calif. The buyer, a private investor from Commerce, Calif., was also represented by Jon Selznick with Lee & Associates. Selznick and Dorman are based out of Lee & Associates Lake Forest, Calif. office.
Built in 1973, the multi-tenant retail building is situated on a 2.5-acre parcel just south of State Route 22, and less than two miles from both Chapman University and MainPlace Mall in Orange County. The retail center was 85% occupied at the time of the sale.
“This was a great result for both parties,” said Selznick. “The seller achieved an exit cap rate indicative of one of the strongest commercial real estate markets in recent history, and the buyer purchased an asset in a premium infill location on a major thoroughfare with potential for future upside.”
Selznick added, “With this prolonged record low interest rate environment and lack of viable alternative investments, it is no surprise to see cap rates in both single- and multi-tenant retail investments remaining at historical lows. Lee & Associates procured the buyer prior to even going to market.”
Lee & Associates is marketing for sale a soon-to-be-completed single-tenant triple-net leased investment to be occupied by Verizon Wireless in Daly City, Calif., at 137 Serramonte Center. The new 4,500-square-foot Verizon Wireless building is situated at the signalized, hard-corner pad at the main entrance to the Serramonte Center, an 850,000-square-foot, super regional mall anchored by Target, Dick’s Sporting Goods, JCPenney, Macy’s, and Forever 21. Once opened for business, there will be a brand new 10-year corporate lease. The listed price is $11,500,000. Jon Selznick with Lee & Associates is the listing agent.
About Lee & Associates
Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com, or follow us on Facebook, LinkedIn and Twitter.