COMMERCIAL PROPERTY
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Old Ranch Towne Center in Seal Beach sells for $45 million
Transaction negotiated by CB Richard Ellis.
By Kristen SchottPublished: June 25, 2009 10:51 AM
CB Richard Ellis recently directed the $45.3 million sale of the Old Ranch Towne Center in Seal Beach. The development was purchased by DSB Properties of Westlake Village.
The deal comes at a time when the commercial real estate industry has been hit hard by the recession. But it's a glimmer of hope, says CB Richard Ellis' Senior Vice President Dan Riley, who co-represented the buyer.
"As it relates to the sale of core or core plus retail properties, we are seeing positive signs that buyers are beginning to submit plausible offers that are closer to seller expectations, yet still in line with buyer preferred returns relative to today's perceived risk as compared to other investment options such as stocks, bonds, etc.”
The 144,726-square-foot retail center was constructed by Carlsbad-based Kitchell Development and completed in 2001. It is located at 12300 to 12490 Seal Beach Blvd., just north of where the boulevard and 405 intersect. The center is home to retailers such as Ralph's, Target, Bed Bath & Beyond and CVS/Pharmacy.
The property was 100 percent leased at the time of the sale.
CB Richard Ellis is a commercial real estate services firm with 30,000 employees. The company has local offices in Anaheim and Newport Beach.
Related headlines
Newport Beach's Turner Opportunity Fund closes
NHA sues REDC of Irvine for $132 million
'OC METRO Minute,' June 24: REDC responds to NHA
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The deal comes at a time when the commercial real estate industry has been hit hard by the recession. But it's a glimmer of hope, says CB Richard Ellis' Senior Vice President Dan Riley, who co-represented the buyer. "As it relates to the sale of core or core plus retail properties, we are seeing positive signs that buyers are beginning to submit plausible offers that are closer to seller expectations, yet still in line with buyer preferred returns relative to today's perceived risk as compared to other investment options such as stocks, bonds, etc.” The 144,726-square-foot retail center was constructed by Carlsbad-based Kitchell Development and completed in 2001. It is located at 12300 to 12490 Seal Beach Blvd., just north of where the boulevard and 405 intersect. The center is home to retailers such as Ralph's, Target, Bed Bath & Beyond and CVS/Pharmacy. The property was 100 percent leased at the time of the sale. CB Richard Ellis is a commercial real estate services firm with 30,000 employees. The company has local offices in Anaheim and Newport Beach. Related headlines Newport Beach's Turner Opportunity Fund closes NHA sues REDC of Irvine for $132 million 'OC METRO Minute,' June 24: REDC responds to NHA |
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