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California Mixed-Use Project Sells for $36.2 Million

Sperry Van Ness has completed the sale of the Plaza At Huntington Beach for $36.2 million. The 301,947 sq. ft. combination retail center and 15-story office tower occupies an entire block in Huntington Beach, Calif.

Investment sales brokerage Sperry Van Ness represented the buyer, Irvine, Calif.-based First Huntington Center LP. Voit Commercial Brokerage represented the seller, Los Angeles-based LIU Corp.

"Investors are continually seeking well-located mixed-use properties which provide excellent return on investment," says Fouy Ly, a senior advisor for Sperry Van Ness. "Because of its upside potential, investors are paying top dollar for even moderately occupied mixed-use properties in premier markets such as Orange County."

Built in 1985, the center consists of a 200,869 sq. ft., Class-A office tower plus 110,000 sq. ft. of retail space and a six-story parking garage. The Plaza is 65% leased a tenant roster that includes Edwards Theatre, Chili's restaurant, Bally Total Fitness and Tony Roma restaurant.

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