SANTA ANA, CA—CBRE's National Retail Investment Group – West (NRIG-West) team has completed the sale of McCalla Centre, a 110,620-square-foot neighborhood shopping center in the city of Santa Ana, anchored by a high-performing Northgate Market and CVS/pharmacy, along with a synergistic mix of retail and shop tenants. The sale price was $31.8 million, representing a 3.76% cap rate on high occupancy.

CBRE's retail investment experts including VP Philip Voorhees, and team members James Slusher, Megan Wood, Brad Rable, Matt Burson and John Read represented the seller, an Orange County-based private investor partnership and the center's original developer. The buyer, also represented by Voorhees and the NRIG-West team, was a San Diego-based private real estate investment fund manager.
Built in 1986, McCalla Centre is located on 8.72 acres at 230 N. Harbor Boulevard, near West First Street. The shopping center was 97% occupied at the time.

"McCalla Centre possesses the extremely solid real estate fundamentals all seasoned investors covet and pursue: a densely populated, infill Orange County location, low anchor lease rates providing tremendous embedded value and creating a future upside, and like Northgate Market, many of the tenants perform at high sales volumes," said Voorhees.