Another Orange County retail property has sold in the latest such transaction in Southern California.
Asana Partners acquired the Seacliff Village retail plaza in Huntington Beach for $151 million, Commercial Observer reported. Barings sold the 253,234-square-foot property, marking the first time the site came under new ownership since its redevelopment in the early 2000s.
JLL arranged approximately $84 million in acquisition financing for the deal, according to CO. The lender’s identity was not disclosed.
Seacliff Village is anchored by an Albertsons and has several dozen retail businesses, medical offices and banks as tenants, including PetSmart, Staples, L.A. Fitness and Chipotle.
Orange County retail properties have been hot commodities in the past year.
Earlier this month, DJM Capital Group sold Gateway Center in Mission Viejo to an unnamed investor in a $51 million all-cash deal. The San Jose-based firm acquired the 79,001-square-foot complex in December 2021 for $39.5 million.
Last August, Macerich sold the 2-million-square-foot Lakewood Center mall in Lakewood to a joint venture between Pacific Retail Capital Partners, Lyon Living and Silverpeak for $332.1 million. A month prior, Regency Centers spent $357 million for a five-property portfolio at the Rancho Mission Viejo master-planned community. Jacksonville, Florida-based Regency Partners bought Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace for a total of 630,000 square feet.
About a year ago, Blackstone picked up eight shopping centers in Orange County for $275 million as part of its $4 billion acquisition of Retail Opportunity Investment Corporation. The New York-based investment giant purchased Peninsula Marketplace and 5 Points Plaza in Huntington Beach, Fullerton Crossroads in Fullerton; Harbor Place Center in Garden Grove, Santa Ana Downtown Plaza in Santa Ana, Cypress City West in Cypress, The Village at Nellie Gail Ranch in Laguna Hills and Marketplace at Mission Foothills in Mission Viejo.
Investors are also looking to pursue retail redevelopment in Orange County. Last month, Dwight Manley closed the purchase of the Beckman Coulter Campus office park in Brea for $140 million. The developer plans to turn the 34-acre property into a mixed-use complex anchored by the city’s first Costco location. — Chris Malone Méndez
Read more
Commercial
Los Angeles
OC-based firms sell LA-area retail properties totaling $76M
Commercial
Los Angeles
Regency Centers scoops up five retail properties in Orange County for $357M
Commercial
Los Angeles
Blackstone gets 8 OC retail centers in REIT buy