Rents Offer Upside at $12M Retail Center

FOUNTAIN VALLEY, CA-The 97% occupied Harbor Plaza retail center has sold for nearly $11.8 million in a deal that offers upside potential to the new owner through increasing below-market rents, according to the Hanley Investment Group. The property is a 41,550-sf multi-tenant center at 16275-16377 Harbor Blvd.

Amusement Industry Inc. of Long Beach acquired the property from Santa Ana-based UNT Atia Co. in a transaction that was brokered by Edward B. Hanley and Eric P. Wohl of Hanley Investment Group, who represented both the buyer and the seller. The Hanley brokers note that the four-building shopping center is situated at the high traffic intersection of Harbor Blvd. and Edinger Ave. on a parcel of nearly four acres.

The property was built in 1985 and renovated in 2006. Its 21 tenants include Sizzler, OC Auto Sound, Priority Staffing, Panda Bowl and Subway.