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Colliers Arranges $28.75 Million Sale of Palm Center

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Grocery-anchored shopping center signals bullish retail investment market for 2022

Orange, Calif. – January 20, 2022 – Colliers' National Retail Capital Markets team today announced the sale of Palm Center, a 92,950-square foot grocery-anchored shopping center located at 934 – 970 N Tustin St in affluent and densely populated Orange, CA 92867. Anchored by Albertsons for over 30 years, Palm Center prominently sits on 8.1 acres at Tustin Street and Collins Avenue, directly west of the 55 freeway. Other notable long-term tenants include The UPS Store, O'Reilly Auto Parts, UFC Gym, Aqua-Tots Swim Schools, and American's Best Contacts & Eyeglasses. Colliers' Executive Vice President El Warner, and Senior Vice President Charley Simpson, represented the seller, Corning Development, amid what has started as a promising year for retail investment. 

Based in Southern California, Colliers' top-producing Retail Capital Markets Retail team, led by Warner, comprises 15 specialists who advise clients on optimizing retail assets across the country. 

"Palm Center offered the opportunity to acquire an irreplaceable asset," Warner said. "Accelerated interest and limited supply have created an incredibly bullish market for retail moving into 2022. Under the current economic conditions, property owners willing to market an asset will see a tremendous return. Legacy properties remain extremely attractive to buyers looking to capitalize on long-term yield."  

Acquired by Fields Holding LLC, a Los Angeles-based 1031 Exchange buyer, the transaction marks Palm Center's first change in ownership since its 1971 development. The sale represents continued demand for quality retail properties with upside in booming U.S. markets. Consistently ranked among the top 50 economically thriving communities in the country, Orange County enjoys lower business costs, a highly qualified workforce, and one of the lowest unemployment rates nationally. 
 

Media Contact: 
Leanne Daly 
PR & Communications Specialist | Southwest 
Leanne.Daly@colliers.com 
760-930-7941 
 


 
About Colliers 
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers, or LinkedIn

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El Warner

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As Executive Vice President of Capital Markets, Retail for Colliers International, El specializes in the disposition of large institutional assets across the country. Successfully closing more than $2 billion in transactions, he utilizes his background as a Certified General Real Estate Appraiser and deep-seated knowledge of the industry to maximize value for his clients. He believes brokers must truly understand an asset and be passionate about creating the best marketing plan to create value and separate his team from others.

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Charley Simpson

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