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Huntington Beach, CA, United States, 2013/04/18 - 31,140-square-foot retail center acquired by Sampont Properties - FMB.com.
Farmers & Merchants Bank (F&M) has provided $8.4 million in financing to Los Angeles-based Sampont Properties for the acquisition of CVS Plaza, a 31,140-square-foot multi-tenant retail center in Huntington Beach, Calif.
“The buyer was looking to make a strategic, long-term hold investment with a class A retail center in a high-density retail corridor near a coastal city,” said Fullerton Branch Vice President Kenny Lim, who arranged the financing. “Sampont turned to F&M as a financing partner based on our certainty of execution, no prepayment penalty, flexibility, competitive interest rates and ability to close quickly. The transaction was completed in only 45 days and CVS Plaza will be a core asset in Sampont’s real estate portfolio.”
The center is situated on 2.54 acres on one of Orange County’s most traveled thoroughfares at 18872-17922 Beach Blvd. It is currently 100 percent leased to a diverse mix of credit tenants, including anchor tenant CVS/pharmacy, Starbucks, O’Reilly Auto Parts, Verizon Wireless and Bank of America.
Sampont was represented in the transaction by Jim Wellbaum of Triwell Properties. The seller, ValCenters, was represented by William B. Asher, Eric P. Wohl and Edward B. Hanley of Hanley Investment Real Estate Advisors.
CVS Plaza was built in 2004 and remodeled in 2008. The total sales price of the property was $13.87 million.
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank (fmb.com) has 21 branches in L.A. and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender.