HFF closes sale of vacant grocery store in California Central Coast
NEWPORT BEACH, CA – July 19, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the leasehold position in a 63,737-square-foot vacant building that is part of a retail power center in the California Central Coast community of Arroyo Grande.
HFF marketed the property on behalf of the seller, Haggen Property Holdings, LLC. PAQ, Inc. purchased the asset for an undisclosed price. The buyer will operate and manage the store under the Food 4 Less banner.
Completed in 1999, the building formerly housed a Haggen Food & Pharmacy Store. It is located inside the 467,000-square-foot Five Cities Center retail power center, which is home to mix of national tenants, including Wal-Mart, Trader Joe’s, Regal Cinemas and Pier 1 Imports. The asset is located at 1132 West Branch Street in the South 101 corridor just off Highway 101 at the intersection of West Branch and Rancho Parkway in central Arroyo Grande.
The HFF investment sales team representing the seller was led by Nick Foster and Jonathan Metcalf.
“We continue to see significant demand for our supply of quality grocery retail boxes up and down the West Coast,” Foster said. “This property was highly sought after, as it is an integral piece of one of the most dominant shopping centers in the San Luis Obispo County area.”
About PAQ, Inc.
PAQ, Inc. is primarily engaged in the operation of retail supermarkets. As of December 26, 2015, the company operated 19 retail grocery supermarkets in the California Central Valley and Central Coast areas. Twelve of the stores are operated under the Food 4 Less banner, and the remaining seven stores are operated under the Rancho San Miguel banner (“Rancho”), a traditional Hispanic-oriented format.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.