A nearly 40,000-square-foot retail center in Costa Mesa was sold for $25.7 million to Asana Partners, a Charlotte, North Carolina-based real estate investment firm.
Westport Plaza & Square, located at 369 E. 17th St. and 1685 Tustin Ave. in Costa Mesa, was 97% leased at the time of the sale. Newport Beach-based Space Investment Partners was the seller. The deal was brokered by CBRE’s National Retail Partners-West team, with Jimmy Slusher, Megan Lanni and Shaya Northrup representing both the buyer and seller.
Asana Partners is the first institutional investor to commit capital for this retail corridor, according to Slusher. “This acquisition reflects the growing confidence in the area’s long-term value and underscores the strategic positioning of the property in the heart of this retail hub.”
Some of the tenants include Plums Café & Catering, Fleur De Lys and Crumbl Cookies. The plaza, built in 1975, is across the street from a Ralphs Fresh Fare.
