IRVINE, Calif., Jan. 30, 2018 /PRNewswire/ -- Ron Duong, Senior Vice President Investments of Marcus & Millichap's Newport Beach Office, closed escrow on three retail properties in Southern California - The Historic Madison Square Garden in Laguna Beach, the Los Alamitos Shopping Strip in Los Alamitos, and the mixed-use VEO Collection 1 in Carson.
With Madison Square Garden, Ron Duong and Catherine Zhong of Marcus & Millichap sourced a strong foreign investor who purchased the business and property at a price per square foot of $2,500 – record-breaking even for this high-priced market. Duong & Zhong procured the all-cash overseas buyer who closed the sale in just over 30 days and removed all contingencies within one week.
Duong & Zhong also closed escrow on the VEO Collection 1 in Carson, CA. This mixed-use center, located on the corner of Atlantic Avenue and Carson Street, sold for $561 per square foot at a cap rate of 5.20%. Duong delivered a foreign investor who paid all cash for the property and closed the sale in just 30 days.
Duong, also in collaboration with Peter Deltondo of Marcus & Millichap, represented both the buyer and seller in the sale of the Los Alamitos Shopping Strip in Los Alamitos, CA. The property sold at a record high price per square foot of over $500 representing the highest price per square foot for a retail center in the city of Los Alamitos. Due to his aggressive targeted marketing campaign, Duong was able to generate multiple offers from a variety of buyers and delivered a strong 1031 exchange buyer. The transaction had a short due diligence period of only 10 days.
"We consistently look at new and innovative ways to reach investors domestically and globally in order to close escrows at prices never seen before. Our team sources buyers that no competing broker can uncover." – Ron Duong, Senior Vice President Investments
Ron Duong, lead broker of the Duong Retail Group is a top agent in Marcus & Millichap's Newport Beach office. Over the past few years, Ron has closed over $300 million in sales and has personally listed/closed approximately $1 billion in retail investments since 2004. Ron's track record of closings represents some of the highest prices and most aggressive cap rates in the marketplace.
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
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Madison Square Garden - Laguna Beach, CA
Los Alamitos Shopping Strip
SOURCE Duong Retail Group