Orange County-based private equity real estate and development firm DJM has sold the Gateway Center in Mission Viejo to an undisclosed institutional buyer for $51 million in an all-cash deal.
DJM officials said the Gateway Center, located at 24000 Alicia Parkway, was 97% leased at the time of sale. The tenants include Starbucks, Baja Fresh, Saddleback Family & Urgent Care and Chase.
DJM acquired Gateway Center in December 2021 from Gerrity Group for $39.5 million.
“Our investment thesis focused on high-quality, densely populated suburban markets like Mission Viejo,” DJM Chief Executive Officer Rob Miller said in a statement.
For more details, read the 2/2 issue of the Business Journal.
