DIAMOND BAR, CA-A 139,314-square-foot neighborhood retail center has been sold for $48 million in an all-cash transaction.
Diamond Hills Plaza was sold by Sarofim Realty Advisors to Retail Opportunity Investments Corp. The plaza, located at 2711 South Diamond Bar Blvd., is 99.4% leased and includes the 45,000-square-foot Super H-Mart, an Asian-focused supermarket chain with over 40 locations in North America.
Other tenants include Rite-Aid Pharmacy, Starbucks, Burger King, KFC, HSBC Bank, Pacific Dental and Flame Broiler.
A key to the sale was institutional investors warming to the concept of Super H-Mart, a privately held chain whose financials aren't as transparent as the publicly held general supermarkets that dominate the Southern California region.
“Historically, a lot of institutional capital had a small group as to what it qualified for approval,” says Dixie Walker, SVP capital markets with the Irvine office of Cassidy Turley San Diego, the commercial real estate provider that brokered the deal between the investors. “But they're starting to make that shift into looking at different types of grocers and the strength of those grocers.”
In Diamond Hills Plaza, the investors found a property with a dedicated customer base and strong fundamentals. Diamond Bar is a highly affluent community just east of downtown Los Angeles with a large Asian population. Sarofim purchased Diamond Hills Plaza in 2008 and completed a major renovation of the property, including expanding the grocer to 45,000-square-feet and replacing a number of tenants.
Walker and Cassidy Turley's Charley Simpson and Tom Blake represented the seller. There was no cooperating broker. Cassidy Turley has more than 60 offices nationwide and last year completed transactions worth $22 billion.
As reported earlier in GlobeSt.com, a Cassidy Turley report indicated that San Diego County industrial vacancies have fallen for the seventh consecutive quarter, currently standing at 9.3% for its lowest level since mid-2011. The Cassidy Turley report shows that there were 366,165 square feet of positive net absorption for the three months ending March 31.
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