NAI Capital Completes Sale at Ridgecrest Town Center

June 9, 2015

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Ridgecrest, CA – June 9, 2015 – (RealEstateRama) — Senior Vice President Steve Heri and Vice President Steve Gim, both with NAI Capital represented Newport Coast-based investor El Rey Properties, LLC in their purchase of a single-story 59,909 square foot former Mervyn’s building at Ridgecrest Town Center. The seller was China Lake 700, LLC. The purchase price totalled $5.8M or $97.44 per square foot.<span id="more-3517"></span></p> <p>Built in 1987, Ridgecrest Town Center is a 204,709 square foot community center located at the corner of N. China Lake Blvd. & Drummond Ave., in the city of Ridgecrest, CA. It offers open air shopping with about 32 stores. Tenants include Big Lots, Big 5, Stater Brothers, Goodwill, Kragen Auto and Starbucks.</p> <p>At the time of the sale, the project was 100% leased to Jo-Ann Fabrics & Crafts, Marshals, and DSS shoes. Heri said, “This property presented El Rey Properties with the opportunity to buy into the dominant grocery anchored center in Ridgecrest with a high yield potential.” Gim added, “With a rebound in consumer spending under way, this investment provides great upside potential for long term appreciation and cash flow.”</p> <p><strong>About NAI Capital</strong></p> <p>NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.</p> <p>NAI Capital Brokerage CA BRE #00806840.</p> <p>To learn more, visit www.naicapital.com</p> <p>J.C. Casillas<br /> Director of Research and Public Relations<br /> jcasillas (at) naicapital (dot) com</p> <p>NAI Capital<br /> 16001 Ventura Blvd, Suite 200<br /> Encino, CA 91436<br /> naicapital.com<br /> Tel +1 818 933 2433</p> <p>Press Contact:<br /> J.C. 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td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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