La Habra, Calif. (April 24, 2018) – SRS Real Estate Partners’ National Net Lease Group announced today that senior vice president, Michael Walseth, represented the seller in the sale of a multi-tenant value-add strip center located at 301-339 N. Harbor Blvd in the city of La Habra, Calif. Built in 1963 on 1.65 acres, the 18,468-square-foot drive-thru property is located at the signalized intersection of N. Harbor Blvd and E. Stearns Avenue, one block north of East La Habra Blvd. The purchase price was $4.0 million.
The seller, a Los Angeles-based real estate investment firm, was represented by Walseth. The buyer, a 1031 exchange buyer, was a Los Angeles-based private investor.
According to Walseth, “The Miracle Day Shopping Center represented a rare opportunity for an investor to acquire an L shaped, under-utilized retail center along a prime segment of Harbor Blvd serving the highly affluent populations of La Habra and Rowland Heights. Located adjacent to an up-zoned redevelopment area, the opportunity presented the investor with the option of realizing significant upside through either redevelopment or a renovation and lease-up program.”
Walseth added, “The demand for value-add multi-tenant properties in Orange County remains at an all-time high. Properties with redevelopment potential rarely come to the market, when they do they are highly subscribed by qualified buyers. This buyer was selected after multiple bids were received from investors, trade buyers, and developers interested in repositioning and/or redeveloping the property. The property was purchased on an all-cash basis with 1031 trade proceeds.”
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 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.