Decron Corp. has sold a three-property shopping center portfolio to Retail Opportunity Investment Corp., a public REIT, for $108.5 million. The three properties total 370,453 square feet and are located in the Mission Viejo, Thousand Oaks and Ontario markets of Southern California.
“Originally this wasn't a portfolio sale. We were marketing the Mission Viejo asset, and after a successful and competitive campaign, the buyer made an offer on Mission Viejo and offered the same very quick terms on the other two assets,” Kyle Miller, corporate managing director at Savills Studley, tells GlobeSt.com. “The seller historically isn't a seller and is actually focused on increasing their retail holdings, however when an aggressive offer was put on the table, it was an opportunity to achieve a handsome return and shift their capital into some high profile Multi-family assets in core California markets.” Miller represented the seller in the transaction along with Bill Bauman, EVP at Savills Studley...3-Property Retail Portfolio Fetches $109M
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