HUNTINGTON BEACH, CA—LBG Real Estate Companies, a Southern California-based investor in retail real estate, has completed the acquisition of a key retail redevelopment site here, from US Bank and has already progressed with much of the repositioning.
The property is prominently located on the hard southeast corner of Brookhurst Street and Adams Avenue (10026 Adams Avenue and 20002 - 20052 Brookhurst Street) and contains approximately 30,000 square feet of building area on 1.96 acres. It was acquired by US Bank when the bank took over Downey Savings.
US Bank issued a request for proposal to a few select developers for the acquisition and redevelopment of the property, consisting of three multi-tenant retail pad buildings shadow-anchored by a Stater Bros grocery store. US Bank is currently located on the corner and will relocate to another building on the site in conjunction with this acquisition. The entire property had been encumbered by a long-term ground lease that expired on December 31, 2013 and transfer of ownership to the winning developer was planned to occur after they obtained building permits.
Continue Reading for Free
Register and gain access to:
- 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
© 2024 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.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
