A buyer tied to Alamitos Associates has bought a 24,300-square-foot strip mall in La Habra for $12.5 million.
The private 1031 exchange investor, with links to the Long Beach real estate firm purchased Row on Harbor, a shopping center at 1450-1478 South Harbor Boulevard, the Orange County Business Journal reported. The seller was DMI Real Estate Group, based in Downtown Los Angeles.
The all-cash deal, which works out to $513 per square foot, is the fourth priciest known retail sale of the year in OC, according to CoStar Group. It was first listed for $13.4 million.
In the city of La Habra, it’s the most expensive retail deal since 2019, and the most expensive commercial real estate deal in more than a year.
Brokers Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL represented the seller.
“It is very rare that high-quality strip centers in Orange County come to the market,” Tyner said in a statement.
DMI Real Estate paid $5.7 million for the Harbor Boulevard property in 2018 and then created the Row, which is now fully leased to 14 tenants, mostly restaurants and fitness centers.
Tenants include EggBred, AkaFuji, Furai Chicken, Bodhi Leaf Coffee Traders, Code Ninjas and Club Pilates.
Alamitos Associates, founded in 1998, provides general maintenance and leasing services, according to Crunchbase.
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