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Fortress and DJM sell Huntington Beach shopping center for $29M
Anchored by Smart & Final, center with 98% occupancy sold to undisclosed buyer
Fortress Investment Group and DJM Capital Partners have sold a 65,100-square-foot shopping center in Huntington Beach for $29 million.
The New York- and San Jose-based real estate investors sold Adams Marketplace anchored by a Smart & Final supermarket at 9062 Adams Avenue, the Orange County Register reported, citing JLL Capital Markets.
The price works out to $445 per square foot.
The L-shaped shopping center on 5 acres was bought by an unidentified Orange County-based investor, according to JLL.
The center, built in 1974 on 5.6 acres at Adams and Magnolia Street, was renovated last year.
The property, which is 98 percent leased, includes such tenants as Petco, Starbucks, MemorialCare Medical, Wingstop, 76 Gas, Jiffy Lube and Carl’s Jr.
“Adams Marketplace further demonstrates the strong desire of investors today for well-located suburban, grocery-anchored shopping centers,” Bryan Ley, a managing director at JLL, said in a statement. “The sale marked one of the largest Orange County retail trades to date in 2023 and saw a strong field of investors vying for the asset in our marketing process.”
— Dana Bartholomew
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