Ron Duong of Marcus & Millichap Closed Escrow on Two Shopping Centers in Southern California at Record Pricing
IRVINE, Calif., Oct. 4, 2018 /PRNewswire/ -- Ron Duong, Senior Vice President Investments of Marcus & Millichap's Newport Beach office, closed escrow on the Ball & Magnolia Shopping Strip and Redevelopment Property in Anaheim, California and 7 Leaves & Cauldron Shopping Strip in Artesia, California at record pricing.
With the Ball & Magnolia Redevelopment property, Ron Duong represented both the buyer and the seller in this transaction and sold the 2.35 acre shopping center above list price at a cap rate of 2.66%. This transaction represents the lowest cap rate ever recorded for a retail shopping center sold in Anaheim. Duong stated, "Our aggressive marketing plan created a competitive bidding environment and generated multiple offers ranging from local owner users to active private investors all the way up to larger developers with institutional backed capital. The appetite for quality value-add opportunities in core Orange County markets remain very high in today's marketplace."
The property was owned by several families. One of the partners, Nikki Burns, stated, "Our Anaheim shopping center was dear to our family, having owned it for over 60 years. We knew that when the day came to sell, it would be a difficult decision. Ron Duong and his team skillfully marketed our property and delivered multiple cash offers from a broad range of investors. We ultimately closed escrow at above list price to an all-cash 1031 exchange buyer in a smooth and professional transaction."
Duong also collaborated with Joseph Lising of Marcus & Millichap's Newport Beach office, and closed escrow on the 7 Leaves & Cauldron Shopping Center in Artesia, California. Duong & Lising represented the buyer & seller in this transaction and sold the property at a record high price per square foot of over $900, representing the highest price per square foot for a retail center in the city of Artesia and a rare feat anywhere for an unanchored strip with no national tenants. Duong was able to generate multiple offers with an aggressive marketing campaign and delivered a buyer who closed with no contingencies. The asset sold for $3,500,000 with a cap rate of 4.80%.
Ron Duong, lead broker of the Duong Retail Group, is a top agent in Marcus & Millichap's Newport Beach office. Mr. Duong closed over $300,000,000 in a few recent years & Mr. Duong's track record of closings represents some of the highest prices and most aggressive cap rates in the marketplace. Click here to view more record-breaking closings.
About Marcus & Millichap
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
Fore more information please contact Ron Duong - [email protected] - (949) 419-3233
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