DJM, Fortress gets pair of OC retail centers in California splurge
Investment firm buys four properties for at least $125M from Merlone Geier Partners
DJM Capital is continuing its California shopping spree, picking up four more retail centers from Sonoma County to San Diego, with two properties in Orange County part of the portfolio.
The San Jose-based investment firm bought the four complexes–which combine for 488,000 square feet and include one in suburban San Diego and another in the Wine County municipality of Petaluma, the firm announced this week.
DJM did not disclose a price, but records show the company bought the Huntington Beach and Petaluma properties for $125 million. The purchase price of the San Diego County property was not disclosed.
Merlone Geier Partners previously owned all of the properties, county records show.
DJM bought the properties through a joint venture with affiliates of Fortress Investment Group. Bank of America provided financing for the purchases, DJM said.
In Huntington Beach, the company bought a 68,000-square-foot complex at 9062 Adams Avenue — which houses a Petco, grocery store Smart & Final Extra, and a Carl’s Jr. — for $26.5 million, about $389 per square foot, records show.
Just north of downtown Huntington Beach, the company bought a 62,000-square-foot property in Fountain Valley for $19 million, or about $306 per square foot. The complex is currently anchored by Aldi.
DJM didn’t stop at Orange County. The company went further south, picking up a 101,000-square-foot retail complex in Poway, just north of the City of San Diego. The purchase price was not disclosed.
In Northern California, DJM bought Deer Creek Village, a 257,000-square-foot retail center at 429 North McDowell Boulevard in Petaluma for $79.5 million — around $309 per square foot, records show.
Together, the purchases bring DJM’s total portfolio to 13 properties. The company also owns retail complexes in Hollywood, Torrance and Long Beach in Los Angeles, as well as in Newport Beach and Ventura, according to its website.
In January, the company bought an almost 79,000-square-foot, nine-building retail center in Mission Viejo, Orange County, for $29.5 million.