LOS ANGELES--(BUSINESS WIRE)--Matthews Real Estate Investment Services™ is pleased to announce $54.5 million of commercial retail transactions in one of Orange County’s thriving suburban neighborhoods, Yorba Linda, CA. Executive Vice President & National Director of Shopping Centers, El Warner and Shopping Center specialist Jordan Gomez of Matthews Real Estate Investment Services™, represented owners of multiple trophy assets in four separate transactions within the last nine months.
Savi Ranch Center, a 160,773 sf shopping center located at the prime intersection of Yorba Linda Blvd and Savi Ranch Parkway that includes a Dick’s Sporting Goods, Bed Bath & Beyond and Michaels, sold for $32.5 million. The buyer was a local group who liked the property’s proximity to their home and did a cash out refinance of their existing portfolio in order to buy the asset and increase their cash flow.
Located adjacent, a 25,074 sf Buy Buy Baby also sold for $6.3 million, achieving a national cap rate record for the chain of 5.85%, according to CoStar.
The center’s Best Buy was purchased by a foreign buyer for $10.2 million at a 6.07% cap rate, a record in California since 2016, according to CoStar.
The free-standing La-Z-Boy, a 18,630 sf parcel, closed for $5.4 million within two weeks of going on the market to an investor who was seeking a single tenant asset for stable cash flow and ease of management.
“These transactions continue to show the strength of retail as an investment within certain markets,” said Warner. “The record breaking prices we achieved is a result of our expertise in Southern California and our ability to source the right buyers.”
The Matthews™ Shopping Center Division prides themselves on their unwavering commitment to serving their client’s best interest. With their competitive marketing technology and expansive global database, the division has earned a reputation for excellence in execution. In California, they are currently selling Foothill Center in Vista, CA and several other centers. For more information, please view our available shopping center inventory.
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com