SANTA ANA, CA—GlobeSt.com has learned exclusively that Olen Properties has sold the McFadden Center, a 184,737-square-foot retail, industrial and office complex, for $30.7 million to Newport Asset Management Group LLC. The center, which is 98% occupied with two vacant suites, includes 57 tenants in 11 buildings consisting of two retail pads, one retail-in-line building with 18 suites and eight business-park buildings that contain 79 suites with a mix of office tenants.
The buyer was represented in the transaction by Ryan Swanson and Kurt Bruggeman of Lee & Associates Irvine. The seller was represented by Mike McCann, Ryan Gallagher and Dan Curtis of HFF.
The property sold at a 7% cap rate. Bruggeman tells GlobeSt.com the high cap rate was likely achieved because “the mixture of product type wasn't of interest to some institutional buyers.”
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
