The Howard L. Abel Family Trust closed before year-end on two acquisitions of retail centers located in Southern California for an aggregate $19.53 million, or approximately $364 per square foot.
In the first sale, the Newport Beach investor paid $12.3 million ($336 psf) for a 36,654-square-foot retail center anchored by Starbucks and Chase Bank located at 17850-17870 Newhope St. in Fountain Valley. The seller was M&J FV Investment LLC. Please see CoStar COMPS #2641260 for additional information.
In a second transaction closing the same day, Deep Canyon LLC sold its 16,939-square-foot retail center anchored by Starbucks, Panda Express and Togos at 74520-74600 Hwy 111 in Palm Desert, CA for $7.23 million ($427 psf). Please see CoStar COMPS #2641264 for additional information.
Mike Abel of Lee & Associates - Newport Beach, Inc. represented the buyer in both transactions. Phil Berry and Dough Wombacher of Commercial West Brokerage represented the seller in Fountain Valley. Chris Rodriguez of Pacific Commercial Investments represented the seller in Palm Desert.