CB Richard Ellis (CBRE) negotiated the sale of the 144,726-square-foot Old Ranch Towne Center in Seal Beach, Calif.
The brokerage team of Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham, of CBRE’s Phoenix office, represented the seller, a southwestern U.S.-based partnership, in negotiating the $45.3 million transaction. The buyer, DSB Properties of Westlake Village, Calif., was represented by Sam Alison and Dan Riley in CBRE’s Los Angeles office.
Developed by Kitchell Development and completed in 2001, the 144,726-square-foot retail center is immediately north of the Seal Beach Boulevard and Interstate 405 interchange, providing shoppers easy access to the center. The property was 100 percent leased at the time of sale
Other Notable Deals
Turner Development Corp. announced the final closing of its Turner Opportunity Fund I, L.P. The fund will acquire distressed commercial real estate assets and pools of performing and non-performing loans. The targeted asset size is between $3 million and $30 million for properties located in California, Arizona and Nevada…. Cushman & Wakefield Inc. brokered the sale of the 241,000-square-foot Marketplace at Rockaway from an undisclosed seller to Friendwell Group of Cos. for $29 million.…Holliday Fenoglio Fowler, L.P. secured $17 million in financing for Cedear Shopping Centers on the 142,166-square-foot Columbus Crossing shopping center in Philadelphia. The 6.75-percent fixed-rate loan has a five-year term…. On August 1, Simon Property Group will assume leasing, management, and marketing duties at the 1.3-million-square-foot Galleria Dallas and 441,198-square-foot Novi Town Center in Novi, Mich. The properties are owned by an unnamed institutional owner….Crossman & Co. was named by PREIT as the exclusive leasing representative at the 1.1-million-square-foot Orlando Fashion Square. … Jones Lang LaSalle was selected as the exclusive leasing and managing agent for the 1.2-million-square-foot Cupertino Square regional mall in San Jose, Calif….Cohen Financial secured a $2.6 million refinancing for a 14,000-square-foot single-tenant retail property currently leased to Walgreens in San Rafael, Calif. The lender is Summit Investment Partners, an affiliate of the UNIFI Cos.…Lee & Associates closed a $2.0 million sale of a 2,931-square-foot freestanding retail building in San Diego County. New Balance bought the site from Wells Fargo Trust….Plaza Advisors announced the sale of the 17,150-square-foot Palafox Square shopping center in Pensacola, Fla., from Developers Diversified Realty Corp. to Yale Realty Services Corp. for an undisclosed price.