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The Real Deal Los Angeles

Stockbridge lands Huntington Beach retail center for $66M

Edinger Plaza deal is OC’s priciest retail trade this year
October 29, 2018 02:30PM

Edinger Plaza with Stockbridge executive managing editor Terry Fancher (Credit: CBRE)

Orange County’s commercial market continued its hot streak this month with a new record for highest-priced retail sale.

Stockbridge Capital Group purchased the Edinger Plaza shopping center in Huntington Beach for $65.5 million, the Orange County Business Journal reported.

The 155,275-square-foot center is on 13.5 acres of land at 7490-7664 Edinger Avenue, and it is 99-percent leased to tenants, including Nordstrom Rack, Dick’s Sporting Goods, PetSmart and Michaels.

The deal is the priciest retail property sale in Orange County this year, according to CBRE. The previous record was set with the Bristol Center in Santa Ana, which sold in June to JH Real Estate Partners for $46.5 million.

The seller of Edinger Plaza was Santa Monica-based Watt Companies, which originally developed the plaza in 1976, and redeveloped the site in 2012.

CBRE’s Megan Wood, Jimmy Slusher, Sean Heitzler and Phillip Voorhees represented the seller, Watt Companies. San Francisco-based Stockbridge was also represented by CBRE.

Orange County has seen several big retail developments and deals this year. In September, crews started constructing a large mixed-use project that will bring 208 new homes and 95,000 square feet of shops and restaurant space to northern Orange County.

In July, Louis Vuitton opened one of its largest stores in the country – at 8,000 square feet – at Costa Mesa’s South Coast Plaza shopping mall. [OCBJ] – Gregory Cornfield