Press Release

CBRE ANNOUCES SALE OF RETAIL CENTER IN SEAL BEACH, CA FOR $12 MILLION

19 6月 2018

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CBRE announced an off-market sale of a retail center in Seal Beach, CA for $12 million in cash to a local 1031-exchange investor.

Nathan Holthouser and James Lehigh of CBRE represented the buyer, Gary Sauter, in the transaction. The sellers, Rodi Properties LLC and Zoeter Place LLC, were represented by Sheri McCanless of NAI Capital.

Located at 1190-1198 Pacific Coast Highway, this well-maintained property has a strong mix of medical and service-oriented tenants, such as OptumCare Medical Group, LabCorp, and The UPS Store. The site totals 22,464 rentable square feet with an occupancy of 96% at time of sale.

“Our local submarket and broader coastal expertise allowed us to complete an extensive due diligence in a very short timeframe,” said Lehigh. “Our buyer was thrilled with our performance.”

Holthouser added, “With the future rental upside and strategic coastal location, this is a unique and safe investment for the buyer.”

Seal Beach is a small coastal submarket, with strong future rental growth and a number of large neighboring developments underway.

The Orange County market is packed with nearly 100 million square feet of retail space, which continues to thrive thanks to the region’s standing as a popular tourist destination and its affluent communities. Asking lease rates in the area continue to increase on a quarterly basis driven by strong demand, according to CBRE’s latest quarterly report. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.