Newport Beach, CA (March 27, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the record-breaking $14.95 million sale of Cypress Village Shopping Center, a three-building 16,433-square-foot urban retail property in Cypress, CA (north Orange County). Situated on 2.41 acres at 9515 to 9575 Valley View Street, the asset is 100 percent occupied and consists of mostly restaurant tenants including Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery.
SRS Real Estate Partners’ Investment Properties Group Executive Vice President Rich Walter, Senior Vice President Pat Kent and Associate Parker Walter represented the seller, Southern California-based Cypress Village Partners LLC. The all-cash buyer was a Southern California-based private investor.
The transaction set two sales records as the closing cap rate was 5.13 percent and price per square foot was $910. Per CoStar, the sale marks the lowest cap rate and highest price per square foot for an unanchored retail strip center ever sold for over $10 million in Orange County.
“We were awarded the listing after another brokerage was not able to secure offers at the targeted sale price,” said Rich Walter. “We aggressively marketed the center to our extensive database and emphasized the food-oriented tenant mix, proximity to Cypress College and other complementary amenities, and quality of the recently remodeled asset. We secured multiple offers and identified an all-cash buyer who understood the intrinsic value of the asset and offered more than 12.5 percent over the previous firm’s highest bid.”
Walter noted that restaurant-focused retail assets like Cypress Village benefit from being ecommerce-resistant and as online food delivery services such as Postmates, DoorDash, and UberEATS grow in volume, the tenants will also benefit from increased revenues and an expanded trade area.
Cypress Village is located at a signalized intersection which sees nearly 56,000 vehicles per day. It is in a dense infill location and is across the street from Cypress College which has more than 18,900 students and faculty, and is adjacent to Cypress High School. It is near the 605 and 91 freeways and is just 2.5 miles from Knotts Berry Farm.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.