Santa Ana, Calif. – The center was 100 percent occupied at the time of sale.
CBRE and NRIG-West have sold the 13,468-square-foot MacArthur Plaza for $10.9 million on behalf of Los Angeles’s Fried Asset Management. The price per square foot was $809 with a cap rate of 5.7 percent. The buyer was a Los Angeles-based private investor. MacArthur Plaza’s well-known tenants include Starbucks, Togo’s, Rubio’s and Thai Spice. According to CBRE Senior Vice President Philip Voorhees, “The property is the quintessential strip center investment featuring restaurant, retail and service tenancy, just the sort of property that provides a strong defense against competition from internet retailers and super rental growth over the hold period.”Santa Ana, Calif. –
— Scott Reid