HUNTINGTON BEACH, CA – (RealEstateRama) — LBG REAL ESTATE COMPANIES, LLC (LBG), a Southern California-based investor in retail real estate, announces that the firm has completed the sale of a prime, newly-redeveloped retail center in Huntington Beach, Calif. to a private investor based in Orange County at a sale price of $18,555,000. The sale of the property was brokered by Ed Hanley, Bill Asher and Eric Vu of Hanley Investment Group in an off-market transaction.
The property is prominently located on the hard southeast corner of Brookhurst Street and Adams Avenue (10026 Adams Avenue and 20002 – 20052 Brookhurst Street) and contains approximately 24,000 square feet of building area on 1.96 acres. The property is surrounded by many leading national retailers, which provides a strong consumer draw to the intersection. These include Target, Kohl’s, Ralphs, Stater Bros., Sprouts, CVS/pharmacy, Chase Bank, JoAnn’s, Wells Fargo, Starbucks, and many others.
LBG acquired the property from US Bank on February 17, 2015, and completed its renovation and re-tenanting of the property in 12 months. The redevelopment included the relocation of US Bank, whose space was redeveloped for PetSmart, updating the façade, designing a new sign program, maximizing the parking plan/restriping, and redeveloping/demising the shop buildings.
The property has been leased to PetSmart, US Bank, Phenix Salon, Tenet Healthcare, and Orangetheory Fitness, achieving 100% stabilization. LBG handled the leasing in-house during ownership of the property.