M+D Properties looks to offload 600K sf mixed-use complex

The Source in OC includes outdoor mall, office building, and unfinished hotel

Los Angeles /
Jul.July 22, 2021 11:10 AM
The retail development known as The Source was completed in 2016 (The Source)
The retail development known as The Source was completed in 2016 (The Source)

M+D Properties is shopping its 600,000-square-foot mixed-use retail complex in Orange County.

Called The Source, the Buena Park complex opened four years ago and includes an outdoor mall, office building and an under-construction hotel, according to the Los Angeles Business Journal.

An asking price hasn’t been disclosed. NAI Capital is representing Lynwood-based M+D.

The complex’s retail portion was completed in 2016 and totals 400,000 square feet, making up the bulk of the property, the report noted. The Source website lists 22 retailers. There are another three-dozen restaurants and food vendors, a movie theater, playground, karaoke bar, and an e-sports center.

The office component is seven stories with 57,000 square feet.

Interstate Hotels & Resorts, a division of Texas-based Aimbridge Hospitality, is set to operate the hotel. The unnamed property is slated for 178 rooms, and will include a rooftop pool.

The pandemic’s impact on the hospitality and retail sectors is still being felt, with many hotels and mall landlords continuing to struggle.

While California added more than 62,300 hospitality jobs in May — more than any other industry that month — overall employment in the sector is still down more than half a million jobs from pre-pandemic levels.

[LABJ] — Dennis Lynch





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