Continuum Analytics has bought a 243,000-square-foot shopping center in Mission Viejo for $33.5 million.
An affiliate of the Newport Beach-based investment firm purchased the Kaleidoscope, a 4.9-acre open-air mall at 27741 Crown Valley Parkway, the Orange County Business Journal reported. The seller was Westport Capital Partners, based in El Segundo.
The price for the 25-year-old retail center works out to $138 per square foot, or $6.8 million per acre.
Westport Capital bought the retail center along the 5 Freeway in 2010 for $16 million. At the time, it was 50 percent leased.
The Kaleidoscope, built in 1998 for $55 million, has sold four times since. It’s now 70 percent leased, and includes such tenants as a Regal Edwards cinema, LA Fitness, Burke Williams Day Spa and an unidentified laser tag arena.
New tenants include Mariners Church and a state Department of Motor Vehicles office, according to Michael Kluchin, head of Continuum Analytics, and a new owner of the mall.
Kluchin and Continuum Analytics are mired in a legal dispute over control of a $500 million real estate portfolio once headed by businessman Mo Honarkar.
The portfolio includes nearly two dozen properties in Newport Beach and Laguna Beach, including the historic Hotel Laguna, which last spring became the subject of fisticuffs between private security guards for both Honarkar and Continuum Analytics, operating as MOM Laguna.
The 93-room beachfront hotel has since reopened, with a judge granting an injunction in favor of MOM Laguna to oversee its operations.
— Dana Bartholomew
Read more


