FULLERTON, CA—Private investment company SCB Inc. has purchased the 105,636-square-foot shopping center at 110-130 W. Imperial Hwy. here, which had recently undergone a repositioning—further proof of this submarket's resurgence. Seller Fiesta Distribution LLC had purchased the center as a value-add opportunity in 2011 and now has sold it for $24.5 million.
As GlobeSt.com recently reported, CBRE's Nathan Holthouser and James Lehigh represented buyer McFadden Place in the 1031 exchange of another retail property in Downtown Fullerton that traded hands between Condon Family Trust and a private investor for approximately $11.8 million. Dana Clor of Clor Realty represented the seller. Lehigh characterized the asset as value-add retail and told GlobeSt.com he foresees future rental growth for the property.
CBRE's Arthur Flores and Shaena Cushman represented the seller in the 110-130 Imperial Hwy. transaction. “The seller took advantage of the low-cap-rate environment and a strong 1031-buyer demand,” said Flores in a prepared statement.
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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.
