McCalla Centre Retail Asset Changes Hands

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.