56.5 F
Laguna Hills
Friday, Mar 1, 2024
-Advertisement-

$53M for Buena Park Place Shopping Center

Buena Park Place, a grocery-anchored shopping center less than a mile away from Knott’s Berry Farm, traded hands last month for $53 million, in one of Orange County’s larger retail sales of 2023.

Site Centers Corp. (NYSE: SITC), a Beachwood, Ohio-based real estate investment trust valued at $3 billion as of last week, sold the 208,572-square-foot center to an LLC with ties to seafood wholesaler Ming Hong International in the City of Industry, property records indicate. The buyer paid all cash for the property.

The property, which attracts 3.9 million annual visitors, is at the junction Santa Ana (5) and Artesia (91) freeways; its latest trade works out to about $250 per square foot.

The Aldi-anchored retail complex, located at 8191-8371 La Palma Ave., was 100% leased at the time of the transaction.

Other tenants of Buena Park Place include Kohl’s, PetSmart, Ulta, Planet Fitness, Michael’s, Ono Hawaiian BBQ and Dollar Tree, among others.

JLL represented the seller and the buyer; brokers involved in the deal were Bryan Ley, Gleb Lvovich, Geoff Tranchina, Dan Tyner and Tim Kuruzar.

“The property attracted strong offer activity from some of the most competitive private capital in Southern California,” Ley, JLL managing director, said in a statement.

The heavy interest “in Buena Park Place further [proves] the demand for big-box, grocery-anchored retail,” Tyner, senior director at JLL Capital Markets, added.

Site Centers in 2015 paid $24.9 million for the retail complex in addition to another nearby property.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-