Merlone Geier Pays $30M for Retail Property in Fullerton
Merlone Geier Partners acquired College Plaza Shopping Center from an unnamed private investor for $29.7 million. The 77,276-square-foot is located at 2400-2520 East Chapman Ave. in Fullerton, CA.
Constructed in 1962 and renovated in 1998, the shopping center was 73% occupied and anchored by Goodwill and 99 Cent Only. During the sales process, Goodwill vacated, further enhancing the projects appeal as a true value add opportunity.
JLL’s Geoff Tranchina, CJ Kodani and Scott Burns represented the seller in the transaction. Merlone Geier was self-represented.
“College Plaza Shopping Center was a unique opportunity for Merlone Geier to acquire a rare value-added retail center in an infill area of Orange County,” said Tranchina. “We look forward to seeing their reposition efforts, bringing in long-term tenants to meet the needs of the community.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition