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A 21,216-square-foot office building in La Palma traded for a little more than $6 million, while a 24,933-square-foot retail center in San Clemente, located at the opposite end of Orange County, changed hands this week for $8.9 million.
San Clemente Retail Center
Corona del Mar-based Space Investment Partners LLC, a real estate company headed by Mark Moshayedi, bought a retail center at 2727 Via Cascadita in San Clemente for $8.9 million, or $356.95 per square foot.
Moshayedi’s Space Investment Partners bought the retail center at a 5.39% cap rate.
Casual Cascade De LLC, represented by Tony Azzi of The Azzi Group and Rabbie Banafsheha of Marcus & Millichap, was the seller.
The center at 2727 Via Cascadita sits on 2.81 acres and is adjacent to the Outlets at San Clemente. California’s Department of Motor Vehicles is the center’s anchor tenant.
An undeveloped land parcel adjacent to the retail center could accommodate a new development of up to 10,000 square feet. Any future development would have to be approved by the San Clemente City Council.
Space Investment sold Westport Plaza, a retail center it owned in Costa Mesa, for $25.7 million earlier this month.
See June 9 print edition for more details on the Westport Plaza deal.
La Palma Office Building
The office building at 22 Centerpointe Drive in La Palma, built in 1986, was bought by a local user, according to CBRE, the real estate services firm that represented the seller, an institutional joint venture.
The building sold for $6.025 million, or $284 per square foot.
Tenants at 22 Centerpointe Drive include Honeywell and Sheridan Group, according to CoStar.
Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Harry Su represented the seller on behalf of CBRE.