Garden Grove, Calif. – Garden Grove Festival Square sits on a 3.07-acre site directly across from the Brookhurst Triangle, a planned 600-unit residential development.
Garden Grove Festival Square, which sold for $11.9 million, sits on a 3.07-acre site directly across from the Brookhurst Triangle, a planned 600-unit residential development.Garden Grove, Calif. – CBRE has arranged the sale of Garden Grove Festival Square, a 35,515-square-foot strip center in Garden Grove, for $11.9 million, representing a 5.6 cap rate. CBRE’s Philip Voorhees, Brad Rable, Megan Read, Matt Burson, Jimmy Slusher and John Read represented the seller, Atherton, Calif.-based investment company Meredith Enterprises. The buyer was an Orange County-based private investor purchasing its first commercial property. Tenants of Garden Grove Festival Square include Popular Community Bank, Woori American Bank and United Dental Group. The property was 72 percent occupied at the time of sale.
— Scott Reid