{"id":1004283716,"date":"2018-12-05T07:40:16","date_gmt":"2018-12-05T15:40:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004283716"},"modified":"2022-12-04T17:24:24","modified_gmt":"2022-12-05T01:24:24","slug":"ca-retail-center-sells-for-45m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ca-retail-center-sells-for-45m\/","title":{"rendered":"CA Retail Center Sells for $45M"},"content":{"rendered":"<p>By Holly Dutton<\/p>\n<div id=\"attachment_1004283719\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004283719\" data-attachment-id=\"1004283719\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ca-retail-center-sells-for-45m\/dcim100mediadji_0007-jpg-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600-e1543952650240.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC220&quot;,&quot;caption&quot;:&quot;DCIM100MEDIADJI_0007.JPG&quot;,&quot;created_timestamp&quot;:&quot;1505055170&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;4.73&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00055555555555556&quot;,&quot;title&quot;:&quot;DCIM100MEDIADJI_0007.JPG&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"DCIM100MEDIADJI_0007.JPG\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Dunes&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600-e1543952650240.jpg?w=800\" class=\"wp-image-1004283719 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600-e1543952650240.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600-e1543952650240.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600-e1543952650240.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Marina_TheDunes_1000x600-e1543952650240.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004283719\" class=\"wp-caption-text\">The Dunes<\/p><\/div>\n<p>Shea Properties has sold a 233,892-square-foot retail shopping center in Marina, Calif., for $45 million. The buyer was a Southern California-based private investor. The Dunes is 100 percent leased to national and regional tenants including Best Buy, Old Navy, Kohl\u2019s, Bed Bath &amp; Beyond, Michaels, Party City and REI.<\/p>\n<p>Built in 2007, the property is located along Pacific Coast Highway on 19.3 acres at 101-145 General Stilwell Drive, about 34 miles from Santa Cruz, Calif. A <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-brokers-41m-la-retail-center-sale\/\">CBRE team<\/a> of Kirk Brummer, Megan Wood, James Tyrrell, Jimmy Slusher, Philip Voorhees and Preston Fetrow represented the seller.<\/p>\n<p>Earlier this year, Shea Properties kicked off construction <a href=\"https:\/\/www.commercialsearch.com\/news\/shea-properties-kicks-off-500-ksf-industrial-project-in-orange-county\/\">at its 500,000-square-foot industrial complex<\/a> in Santa Ana, Calif. The Shea Business Center is being built on the 25-acre former site of an ITT campus.<\/p>\n<p><em>\u201cCap rates on better quality power centers seem to be contracting after moving very wide in 2018,\u201d<\/em> said Voorhees in prepared remarks. \u201c<em>High image, institutional quality centers in coastal markets like The Dunes make great sense in terms of leveraged yield, with a cap rate to 10-Year Treasury Yield spread of more than 400 basis points. A portfolio of similar assets would produce tremendous leveraged cash-on-cash returns.\u201d<\/em><\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 233,892-square-foot shopping center is located along Pacific Coast Highway in Marina, Calif. The buyer was a private investor based in Southern California.<\/p>\n","protected":false},"author":745,"featured_media":1004508097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21749,15],"tags":[32789,38959,37233,43226],"class_list":["post-1004283716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-retail","category-west","tag-cbre","tag-philip-voorhees","tag-shea-properties","tag-the-dunes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CA Retail Center Sells for $45M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ca-retail-center-sells-for-45m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CA Retail Center Sells for $45M\" \/>\n<meta property=\"og:description\" content=\"The 233,892-square-foot shopping center is located along Pacific Coast Highway in Marina, Calif. The buyer was a private investor based in Southern California.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ca-retail-center-sells-for-45m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-05T15:40:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T01:24:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Marina_TheDunes_1000x600.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ca-retail-center-sells-for-45m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ca-retail-center-sells-for-45m\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"CA Retail Center Sells for $45M\",\"datePublished\":\"2018-12-05T15:40:16+00:00\",\"dateModified\":\"2022-12-05T01:24:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ca-retail-center-sells-for-45m\\\/\"},\"wordCount\":211,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ca-retail-center-sells-for-45m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Marina_TheDunes_1000x600.jpg\",\"keywords\":[\"CBRE\",\"Philip Voorhees\",\"Shea Properties\",\"The Dunes\"],\"articleSection\":[\"Deals\",\"Investment\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ca-retail-center-sells-for-45m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ca-retail-center-sells-for-45m\\\/\",\"name\":\"CA Retail Center Sells for $45M - 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