Santa Ana Retail Center Sells for $32M

McCalla Centre, a Santa Ana retail development encompassing 110,620 square feet, recently traded between private investors for $31.8 million, at a 3.76-percent capitalization rate.

The lead broker on the deal was Philip D. Voorhees, an executive vice president with CBRE’s National Retail Investment Group. He and his team represented the seller, the center’s original developer and an Orange County-based private investor partnership. A San Diego-based private real estate investment fund manager was the buyer, who was also represented by Voorhees and his team.

Anchor tenants in the 97-percent-leased shopping center include CVS, and the upscale Northgate Market. McCalla Centre was built in 1986 and occupies just over 8.7 acres.

Voorhees’ team has reportedly closed $3 billion in transactions since 2012.