Investors Use REZA to Sharpen Their SoCal Retail Portfolios
RenTV
REZA Investment Group, the OC-based retail investment brokerage firm, recently brokered a pair of notable SoCal deals, in Adelanto and National City.In one of the deals, Pacific Castle paid $25.5 mil for Bay Plaza, a 127.2k sf ($200/sf) community shopping center at 1410-1430 East Plaza Blvd in National City, in San Diego County. The property, anchored by a 21.k sf Seafood City supermarket, was sold by SAFCO Capital Corporation. Other tenants include Big Lots, JoAnn's Fabrics (not a part of the center), IHOP Restaurant and Goldilocks Bakery.
Commenting on the transaction, Reza Etedali, CEO and Founder of REZA Investment Group Inc, said "This transaction illustrates the continued demand for dense, in-fill shopping centers that cater to the ever-evolving demographic profile of many of Southern California's diverse communities."
In the Adelanto deal, a 1031 private investor purchased a 32.4k portion of Adelanto Marketplace, a 90.7k sf community shopping center anchored by Stater Brothers and Longs Drugs, both not part of the offering. The property sold for $15.6 mil, or around $480/sf, and included some pad space.