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Tustin retail center sells for nearly $3 million
The 9,597-square-foot spot was purchased by Lee Family Trust.
By Tamirra StewartPublished: February 18, 2010 11:22 AM
Walnut Newport Center, a 9,597-square-foot retail strip mall in Tustin, was recently purchased by Lee Family Trust for nearly $3 million.
The four-tenant center at 13842 Newport Ave. was fully occupied at the time of the sale, and it is anchored by Blockbuster Video. And this was a cause of concern during the deal, according to Hanley Investment Group President Edward Hanley, who, along with Eric Wohl, represented the seller, Westwood Financial.
“It was a challenging transaction due to the uncertainty of Blockbuster Video as a tenant in today’s market and the fact that they occupied approximately 65 percent of the property’s square footage,” he says.
But he says the location played a key factor in the deal. What's more, it garnered a good amount of interest from potential buyers.
Irvine-based Hanley Investment Group Real Estate Advisors specializes in the sale of single-tenant retail properties, as well as community, neighborhood and multi-tenant retail centers.
Related headlines
Former Irvine Co. exec named head of FNE Holdings
Veteran real estate broker launches new firm
Irvine-based Bixby Land Co. buys $9.2 million property
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The four-tenant center at 13842 Newport Ave. was fully occupied at the time of the sale, and it is anchored by Blockbuster Video. And this was a cause of concern during the deal, according to Hanley Investment Group President Edward Hanley, who, along with Eric Wohl, represented the seller, Westwood Financial. “It was a challenging transaction due to the uncertainty of Blockbuster Video as a tenant in today’s market and the fact that they occupied approximately 65 percent of the property’s square footage,” he says. But he says the location played a key factor in the deal. What's more, it garnered a good amount of interest from potential buyers. Irvine-based Hanley Investment Group Real Estate Advisors specializes in the sale of single-tenant retail properties, as well as community, neighborhood and multi-tenant retail centers. Related headlines Former Irvine Co. exec named head of FNE Holdings Veteran real estate broker launches new firm Irvine-based Bixby Land Co. buys $9.2 million property |
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