A buyer affiliated with Alamitos Associates paid $12.5 million for a 24,300-square-foot shopping center in La Habra.
private 1031 exchange Investors with ties to Long Beach Realty purchased Row on Harbor, a shopping center at 1450-1478 Southport Drive, The Orange County Business Journal reported. The seller is DMI Realty Group, located in downtown Los Angeles.
The all-cash deal was priced at $513 per square foot, the fourth-largest known retail sale in the OC this year, according to CoStar Group. It was originally listed for $13.4 million.
In La Habra, it was the most expensive retail transaction since 2019 and the most expensive commercial real estate deal in more than a year.
JLL agents Daniel Tyner, Gleb Lvovich and Geoff Tranchina represented the seller.
“High-quality strip centers in Orange County rarely come to market,” Tyner said in a statement.
DMI Real Estate bought the Harbor Boulevard property in 2018 for $5.7 million and then created Row, which is now fully leased to 14 tenants, mostly restaurants and a fitness center.
Tenants include EggBred, AkaFuji, Furai Chicken, Bodhi Leaf Coffee Traders, Code Ninjas and Club Pilates.
Alamitos Associates, founded in 1998, provides general maintenance and rental services, according to Crunchbase.