Newport Beach, CA (August 19, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the $4.28 million sale South Street Shops, an 18,096-square-foot, value-add, two-tenant retail property located at 10745 South St. in Cerritos, CA.
SRS’ Investment Properties Group Vice President Ara H. Rostamian and Managing Principal Patrick Luther and Eric Mandell of Apex Properties represented the seller, a Los Angeles-based private investor. The buyer was a Southern California-based private investor represented by Sperry CGA Beverly Hills. The property sold for nearly $237 per square foot.
Built in 1969 and situated on 1.57 acres, the property is part of a larger shopping center. South Street Shops features shadow anchor, Goodwill, which recently signed a 10-year lease renewal. The remaining tenancy includes SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet.
“This asset was uniquely positioned as part of a larger, approximately 95,000-square-foot community center that is going through extensive remodel and retenanting of its anchor space with six different individual owners. With the Goodwill lease in place, the opportunity offered an investor 60 percent of the income from a long-term national tenant with a corporate guarantee. We marketed this asset as a value-add opportunity to fill the vacant space as well as future repositioning opportunities, and secured multiple offers from private investors,” said Rostamian.”
South Street Shops is located in a shopping center which also includes Sky Zone, Rosewoods Restaurant, and Vista Paint, among others. The property is near the Los Cerritos Center Mall and Cerritos Auto Square and is proximate to the on/off ramp to Interstate 605.
SRS’ Investment Properties Group and National Net Lease Group have successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
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.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.