Adams Market. Picture courtesy of JLL Capital Markets
Fortress Funding Group and DJM Capital Companions have offered Adams Market, a 65,116-square-foot grocery-anchored retail middle in Huntington Seaside, Calif., with the help of JLL.
A non-public Orange County-based purchaser acquired the property for $29.2 million, financing the acquisition with a $17.7 million mortgage from Mutual of Omaha, based on CommercialEdge knowledge. The property beforehand modified palms for $26.5 million in 2022.
A JLL Capital Markets Funding Gross sales Advisory group brokered the present transaction, with Managing Administrators Bryan Ley, Gleb Lvovich and Geoff Tranchina, Director Tim Kuruzar and Senior Director Daniel Tyner engaged on behalf of the vendor.
A 98 percent-leased retail asset
Accomplished in 1974 and renovated in 2022, Adams Market contains three buildings unfold throughout a 5.6-acre web site. Anchored by Good & Closing Further, a significant grocery vacation spot within the space, the retail middle has a various mixture of native and nationwide tenants akin to Starbucks, Petco, Wingstop, MemorialCare Medical, WELLBEE, Jiffy Lube and Carl’s Jr. The asset was 98 % leased on the time of sale.
Situated at 9062 Adams Ave., the retail middle is in an space the place the common family revenue exceeds $157,000 inside a 1-mile radius and serves roughly 400,000 individuals inside a 5-mile radius, based on JLL. The property is roughly 7 miles from one other retail asset that lately offered in Orange County’s first buying middle transaction above $20 million since October of final 12 months.
