“Fullerton has been undergoing a renaissance since it is benefitting from the increasing popularity of suburban markets that offer an array of retail and amenities, job growth and housing,” added Flores. He notes that particularly well-located retail centers such as this one, with seasoned tenants and Internet-resistant retailers like fitness centers and juice bars will continue to perform well in an “ever-changing retail environment.”

Also helping the submarket is the addition of affordable housing that allows people to live near where they work. As we reported in September, Orange County and L.A. County residents are increasingly forced to move out of the county in which they work due to the state's housing crisis, making projects like Fullerton Family Housing even more necessary, R.D. Olson Construction's president Bill Wilhelm told GlobeSt.com. The firm began construction in August on Related California's 55-unit affordable-housing project here, its fourth such project, and completion is expected in May 2018.

The site is located at 335 East Santa Fe Ave., in close proximity to Downtown Fullerton and adjacent to the area's train station.

Best Buy

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.

Fiesta had immediately implemented a reposition strategy for the property after purchasing it and afterward was able to attract 24-Hour Fitness to the property and renew Best Buy's lease for an additional 10 years. The high-quality tenants, underlying property value and ease of management made it especially attractive to buyers, according to Flores.

“Fullerton has been undergoing a renaissance since it is benefitting from the increasing popularity of suburban markets that offer an array of retail and amenities, job growth and housing,” added Flores. He notes that particularly well-located retail centers such as this one, with seasoned tenants and Internet-resistant retailers like fitness centers and juice bars will continue to perform well in an “ever-changing retail environment.”

Also helping the submarket is the addition of affordable housing that allows people to live near where they work. As we reported in September, Orange County and L.A. County residents are increasingly forced to move out of the county in which they work due to the state's housing crisis, making projects like Fullerton Family Housing even more necessary, R.D. Olson Construction's president Bill Wilhelm told GlobeSt.com. The firm began construction in August on Related California's 55-unit affordable-housing project here, its fourth such project, and completion is expected in May 2018.

The site is located at 335 East Santa Fe Ave., in close proximity to Downtown Fullerton and adjacent to the area's train station.