The buyer has paid $31.5 million for the complex, Orangefair Marketplace. The power center, which is located at the southeast corner of Harbor Boulevard and Orangethorpe Avenue, is more than 90% leased. Tenants here include Burlington Coat Factory, Marshalls and Circuit City.
The seller, Orangefair Co. LLC of Beverly Hills, was represented by David Norcott and Bryan Norcott of Colliers Seeley International, along with Howard Mann of JLM Realty. The same brokerage team represented the buyer, Orangefair Marketplace LLC, which is a subsidiary of Columbus Pacific Properties.
The transaction follows on the heels of a recent retail sale in Orange, involving a 280,000-sf property. Buchanan Urban Investors and Rawson, Blum & Leon acquired the Mall of Orange in a transaction valued at $24.2 million. The retail complex, which was sold by Newman Properties, is anchored by Wal-Mart, Sears and JCPenney. It was 89% leased at the time of sale.
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