ORANGE COUNTY, Calif. –– Cushman & Wakefield announced the firm has advised DMI Real Estate in the sale of a pair of newly renovated, stabilized retail shopping center assets in Orange County, California. The recent dispositions included the sales of the La Palma Collection, a local multi-tenant center totaling 23,882 square feet in the city of La Palma that just closed in August, and The Row on Harbor, a local strip center totaling 23,314 square feet in the nearby city of La Habra that closed in mid-April.
The properties sold to separate buyers for a combined value of approximately $25.5 million, and according to Cushman & Wakefield tracking, the sale of the combined portfolio represents the highest priced portfolio for an unanchored retail shopping center in Orange County year to date in 2023.
Joseph Lising of Cushman & Wakefield’s Southern California Retail Team, together with Daniel Sydor of the firm’s Valuation & Advisory Services represented and advised DMI Real Estate Group in the disposition of the portfolio.
Located at 7811-7971 Valley View St, the La Palma Collection features a strong roster of national and regional brands. The center is located at a major intersection with high traffic counts and is less than a mile from the 91 Freeway. The property was acquired by a private 1031 Exchange buyer, which was represented by Ron Duong of Marcus & Millichap. The property sold for $13 million.
“La Palma Collection represents a great opportunity for the new owner to generate strong cash flow over the next several years. Recently renovated, this is a stabilized center with a robust mix of food and service-based retailers, plus two freestanding pad buildings, including a new Popeyes drive-thru fast-food restaurant,” said Daniel Sydor, executive director.
“La Palma Collection was the perfect fit for our client with its blend of high performing tenants, with short-term, and long-term upside. The asset is a significant upgrade to our client’s portfolio through their 1031 exchange,” added Ron Duong, senior managing director of Marcus & Millichap who represented the buyer.
Located at 1450-1478 S. Harbor Blvd, The Row on Harbor is a high-quality revitalized and vibrant shopping center with boutique restaurants and retail. The center completed an extensive renovation in 2020 and is currently 100% leased to 14 tenants, including EggBred, AkaFuji, Furai Chicken, Bodhi Leaf Coffee Traders, Code Ninjas and Club Pilates. The multi-tenant center was acquired by a 1031, all-cash buyer. Cushman & Wakefield previously announced the sale of The Row on Harbor earlier this year. The property sold for approximately $12.5 million.
