Los Angeles– June 16, 2016 – CBRE Group, Inc. announced the sale of a retail center in Downey, California, to Remarc Management for approximately $10 million.
CBRE’s First Vice President Arthur Flores represented the seller, a private, unidentified Orange County based partnership. Remarc, family investment and management firm also based in Orange County, represented itself in this transaction.
The property, located at 8530 Firestone Boulevard, is a two-tenant retail center that has been newly leased to Warehouse Shoe Sale, a West Coast retail shoe store chain, and PIH Health, a nonprofit regional healthcare network.
“After securing two brand-new, long-term leases with high-caliber tenants, the seller recognized this prime opportunity to sell this now-stabilized and income-producing site in a market scarce of product,” said Flores.
Solid economic fundamentals such as healthy employment and consumer spending levels continue to fuel the Greater Los Angeles retail market. Over the next 12 months, this upward trend is projected to continue, which will bolster the commerical real estate markets in the region.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
