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NewMark Merrill Co. Acquires Retail Building In Placentia For $8.22M

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SOLD
$8,225,000

California

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Retail28,800 SF
Sold 02/02/2024
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SOLD

NewMark Merrill Co. Acquires Retail Building In Placentia For $8.22M

150 Yorba Linda Boulevard

See Similar Deals
Retail28,800 SF
Sold 02/02/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$285
Total Square Footage:28,800 SF
Transaction Type:Sale

A 28,800 square foot retail building, located at 150 Yorba Linda Boulevard in Placentia, California, was recently sold for $8,225,000. The property is part of the Placentia Town Center, a 142,666 square foot shopping center anchored by Marshalls and Ross Dress for Less.

Summary of transaction details:

Jim Patton and Greg Giacopuzzi represented NewMark Merrill Companies as the buyers in the transaction, acquiring the retail building occupied by CVS Pharmacy. On an off-market basis, Pegasus Investments Real Estate Advisory Inc., led by Tony Veiller, facilitated the sale. The Placentia Town Center now boasts full ownership of the entire 142,666 square foot property following the addition of the CVS Pharmacy building.

Players

Tony Veiller
Pegasus Investments Real Estate Advisory
Tony Veiller
1 deal$8.2M volume
BROKER

Details

SOLD
IMAGE: Tony Veiller, Greg Giacopuzzi & Jim Patton DATE: 02/02/2024 ADDRESS: 150 Yorba Linda Boulevard MARKET: Placentia ASSET TYPE: Retail BUYER: NewMark Merrill Companies (@NewMarkMerrillCompanies) Represented by Jim Patton & Greg Giacopuzzi SELLER: Two-Forty Associates BROKER: Tony Veiller - Pegasus Investments Real Estate Advisory SALE PRICE: $8,225,000 SF: 28,800 ~ PPSF: $286 NOTE FROM BROKER: On behalf of NewMark Merrill Companies (“NewMark Merrill”), a California-based owner-operator and developer of retail shopping centers, Pegasus Investments Real Estate Advisory Inc. (“Pegasus”) is pleased to announce the recent acquisition of a 28,800 SF building occupied by CVS Pharmacy within the Placentia Town Center, a 142,666 SF shopping center located at the southwest corner of Yorba Linda Blvd and Kraemer Blvd in Placentia, California. Pegasus represented NewMark Merrill on an off-market basis. Located in the heart of North Orange County, just northeast of the 91 and 57 freeway interchange, the Placentia Town Center is anchored by Marshalls and Ross Dress for Less and features several local and national brands including Massage Envy, Philly’s Vest, KC Nails, Avalon Bagels, Courtesy Cleaners, Mr. D’s Diner & Bar, Uptown Cheapskate and Beauty Avenue. With the addition of the 28,800 square foot CVS Pharmacy, the entire 142,666 square foot property is now under one ownership.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$438,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,221.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,990.70
Annual Debt Service$467,888.35