By Alex Girda, Associate Editor
Huntington Beach, Calif.—LBG Real Estate Companies recently sold an asset that it acquired just a year prior. The SoCal investment company that specializes in retail real estate received $18.5 million for the Huntington Beach asset. The off-market transaction was brokered by Hanley Investment Group representatives Ed Hanley, Bill Asher, and Eric Vu.
The 24,000-square-foot is located at 10026 Adams Ave. and 20002-20052 Brookhurst St. The asset was acquired by LBG in February of last year, and then immediately renovated and put through an extensive leasing process.
During its tenure as owner, LBG targeted the relocation of US Bank and the addition of PetSmart as a result of the redevelopment. The asset is now fully leased with the tenant roster also including Phoenix Salon, Tenet Healthcare, and Orangetheory Fitness. An updated façade, a new sign program, maximization of the property’s parking, and a makeover of the shop buildings were part of the process.
According to LBG Principal Leslie Lundin, “due to the infill nature of this location and difficulty in developing new retail properties in Huntington Beach, this acquisition provided a unique redevelopment and lease-up opportunity.”