CBRE’s Philip D. Voorhees and NRIG-West Team Complete Sale of Repositioned Orange County Mall


Buena Park Downtown Square Sells for $85 Million

BUENA PARK, CALIF. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of Buena Park Downtown, a 535,016-square-foot repositioned mall in the city of Buena Park, Calif., anchored by a John’s Incredible Pizza, Krikorian Theatres, 24 Hour Fitness, Ross Dress for Less, Bed Bath & Beyond, TJ Maxx, DSW, Big Air Trampoline, along with a complementary mix of pad and shop tenants. The sale price was $85 million, equating to an approximate 6.72% cap rate. The property was approximately 93% occupied at the time of sale.


CBRE’s retail investment experts Voorhees, Jimmy Slusher, Todd Goodman, Matt Burson, Megan Wood, Brad Rable, Kirk Brummer, Preston Fetrow and John Read, represented the seller, a Manhattan-based real estate investment management firm. The buyer, represented by Tim Bower and Johnny Choi of the CBRE in Beverly Hills, Calif., was a Los Angeles-based private investor who purchased the property to effectuate a 1031 Tax Deferred Exchange. CBRE leasing professionals Walter Pagel and Dan Samulski were the leasing agents on Buena Park Downtown at the time of the sale.


“At this pricing, Buena Park Downtown is among the lowest cap rates nationally in 2015 for a less-than-A mall,” said Voorhees. Voorhees also noted that the average B mall cap rate nationally on multi-level properties was much closer to 10% in 2015. “The strong competition amongst bidders attest to perennial investor interest in Orange County and Southern California’s densely populated trade areas. In particular, we saw exceptional interest from investors with ties to Korea and China on this offering.”

Built in 1961 with an extensive remodel completed in 1998, Buena Park Downtown encompasses a 28.24-acre site along La Palma Avenue, one of the trade area’s primary arterials. “The purchaser’s existing retail holdings in the trade area coupled with both the recent leasing momentum and the City’s commitment to the long-term viability of the property made Buena Park Downtown an ideal exchange candidate for the purchaser,” said Slusher.

According to Voorhees and Slusher, the CBRE team’s marketing system distributed more than 726 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated 10 offers to purchase the property. “While 1031 exchange buyers frequently acquire retail properties we market, we seldom see 1031 investors prevail on assets of this size,” said Voorhees.

In 2015, CBRE’s NRIG-West team closed 63 transactions encompassing 88 properties with a total consideration of $940 million in 63 transactions making the NRIG-West team CBRE’s top retail investment sale team nationally in 2015. In total, the NRIG-West team has listed and sold more than $9.3 billion in over 596 retail transactions. Select NRIG-West Team California listings include Victoria Gateway in Rancho Cucamonga, listed for sale for $40,750,000; The Mountain Green Shopping Center, listed for sale for $35,182,000; and Brea Center in Brea, Calif., offered for sale for $24,750,000. More information available at

NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the Team, combined with consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View
About CBRE Group, Inc.  

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at

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