Cadence Capital, Oakwood Sell OC Retail Center for $36.5M

Cadence Capital Investments and Oakwood Real Estate Partners have sold a 61,500-square-foot shopping center in Santa Ana for $36.5 million.

An affiliate of the Colorado-based real estate investors sold the 55-year-old Bristol Place at 3310-3398 South Bristol Street, the Orange County Register reported. The seller, a private investor in Newport Beach, was not disclosed.

The retail center, anchored by Target, is less than a mile from South Coast Plaza.

It’s also just north of Related Bristol, a 42-acre plan by Related California to redevelop Metro Town Square with thousands of homes, offices, shops, restaurants and a hotel at 3694 South Plaza Drive. Related California, based in Irvine, is a unit of New York-based Related Companies.

Bristol Place was revamped in 2019 for $4.6 million and is 89 percent leased. The remodel added an outdoor patio, additional power, new HVAC units, new roofs and an unspecified number of new storefronts.

Hanley Investment Group Real Estate Advisors represented the sellers. The sale came out to $593 per square foot.

“We generated 13 qualified offers from private and institutional investors,” Kevin Fryman, an executive vice president at Hanley, said in a statement. “To provide surety of closing in this volatile debt environment, we negotiated that the buyer would waive their contingencies before the loan approval.”

Last fall, Related filed plans to replace the 460,000-square-foot Metro Town Square at Bristol Street and MacArthur Boulevard with 3,750 apartments, 200 senior housing units, 350,000 square feet of offices, shops and restaurants, and a 250-room hotel.

Pending approvals, Related could break ground in 2026 and complete the project in phases by 2036.

— Dana Bartholomew