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Southern California Shopping Center Sold for $2.325 Million

Southern California Shopping Center Sold for $2.325 Million

A Southern California Shopping Center sold for $2.325 Million in Garden Grove, California. The two story retail complex, known as the Korean Plaza, is comprised of ten units with 7,740 SF of building and 18,731 of land. The retail and office shopping center is located at 12942 Galway Street in Garden Grove, within the Garden Grove area (Korean District and Little Saigon Region) of Orange County, California. The sold shopping center features a good tenant mix of local businesses on NNN leases that serve the surrounding community.

Southern California NNN Property Sale Info

southern california shopping center sold - nnn investment californiaThe property is both an investment property and an owner-user facility with the NNN tenants helping to service the buyer’s debt while they operate their small business out of the vacant units. Southern California Shopping Centers sold during the COVID-19 Pandemic pose special challenges to buyers, sellers, and lenders. Through hard work and lots of diligence the obstacles were overcome and the sale was completed following an extended escrow period. The sellers were the original owners and builders of the center, so they wanted to ensure that the property was properly transferred and that the new owners treated the space with care.

Southern California Shopping Center Brokers

Jon Varsano of Vars Real Estate and Dan Perlstein of Danco, Inc. represented the sellers and Albert Le of Le Investments Group represented the buyers. The sellers, Galway Plaza LLC, are the original owners of the center and are offering a great Triple Net Investment with easy management and a high cap rate. The buyers are Van Anh Beauty Inc. and intend to operate a beauty school in the vacant space on the 2nd floor. The current tenants on the first floor are Care Ambulance, Hanuri Korean Restaurant, and HanNam Udon and Sushi

Offering Memorandum with Property Details: Download Here OM-12942-Galway-Garden-Grove

Jon Varsano

View all posts by Jon Varsano

Jon Varsano has been a licensed real estate agent for 25 years. He is the founder and primary commercial real estate broker for Vars Real Estate. His expertise of the Culver City and surrounding West Los Angeles communities are in invaluable resource to new property investors or those looking to sell existing properties.

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