IRVINE, Calif. – May 30, 2017 – Central Towne Square, the dominant grocery-anchored community center in the coastal Santa Barbara County community of Lompoc, Calif. has sold to a high net worth individual for $19.04 million. The seller was Jade Enterprises, out of downtown Los Angeles, which was represented by a Cushman & Wakefield veteran retail team led by Dixie Walker and Charley Simpson of the firm’s Irvine office.
Central Towne Square is shadow-anchored by Walmart Supercenter (not a part of the sale) and anchored by Foods Co., a subsidiary of The Kroger Company (NYSE: “KR”), one of the nation’s largest grocery retailers. The center is 97% occupied by 15 tenants including quality credit and national retailers such as O’Reilly Auto Parts, Wells Fargo, Payless Shoe Source, Sally Beauty, Applebee’s Bar & Grill, Gamestop, and MetroPCS.
Mr. Walker, a Managing Director, said “Central Towne Square proved an excellent opportunity to acquire the dominant grocery-anchored center in Lompoc that has a history of stable and secure cash flow. Further, this is a very well-performing store for Foods, Co. making this location even more attractive from an investor standpoint.
“Additionally, while not included in the sale, this is the only Wal-Mart Supercenter within a 25-mile radius and has a significant impact to the composition and traffic in the center.”
Located at 511 through 633 W. Central Ave, Central Towne Square is prominently located at the north end of Lompoc along Central Ave., just west of H St. (Highway 1). Mr. Simpson, a Managing Director, noted, “The center serves the city of Lompoc as well as multiple surrounding residential communities. Lompoc is one of the fastest growing communities in Santa Barbara County.”
This is already the fifth major retail investment sale that Mr. Walker and Mr. Simpson have jointly transacted within just the past few months in the greater Southern California region. Other sales they have brokered include the ±103,000-sf Temescal Village in Riverside County for $16.95 million, the ±153,000-sf Upland Village in San Bernardino County for $18.5 million, the ±110,300-sf Lake Forest Marketplace in Orange County for $9 million (leasehold interest only), and the ±65,200-sf Best Plaza shopping center for $14.2 million in San Diego County.
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