Merlone Geier Partners has acquired College Plaza Shopping Center, a 77,276-square-foot retail center located at 2400-2520 East Chapman Avenue in Fullerton, California, from a private investor for $29.7 million.
Constructed in 1962 and renovated in 1998, the shopping center was 73 percent occupied and anchored by Goodwill and 99 Cent Only when offered for sale. During the sales process, Goodwill vacated, further enhancing the project’s appeal as a true value add opportunity, according to JLL.
JLL’s Geoff Tranchina, CJ Kodani, and Scott Burns represented the seller in the transaction, along with John Nichols and Matt Clabaugh, principals for the seller. Merlone Geier represented itself. “College Plaza Shopping Center was a unique opportunity for Merlone Geier to acquire a rare value-added retail center in an infill area of Orange County,” Tranchina says. “We look forward to seeing their reposition efforts, bringing in long-term tenants to meet the needs of the community.”