Bristol Place. Picture courtesy of Hanley Funding Group
An affiliate of Cadence Capital Investments and Oakwood Actual Property Companions LLC offered Bristol Place, a 61,454-square-foot procuring middle in Orange County, Calif. A non-public investor primarily based in Newport Seashore acquired the property for $36.5 million.
The multi-tenant procuring middle is shadow-anchored by Goal and predominately options meals and service-related tenants. In line with CommercialEdge information, different tenants embrace Papa Johns, H&R Block and AYCE Sushi. On the time of the sale, the property was 89 % occupied.
Positioned at 3310-3398 South Bristol St. in Santa Ana, Calif., Bristol Place was initially accomplished in 1968 and renovated in 2019. A $4.6 million rework of the asset included an outside patio and new storefronts, roofs and HVAC items. Goal renovated its retailer in 2018 and owns its a part of the location.
The procuring middle, constructed on an roughly 5-acre lot, is located on the nook of Alton Avenue and Bristol Avenue. The parking ratio at Bristol Place is 4.75 areas per 1,000 sq. toes. It’s inside 3 miles of some 215,000 folks with a median family revenue exceeding $100,000, and fewer than a mile from the South Coast Plaza, the highest-grossing procuring middle within the nation.
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John Wayne Airport is 1.5 miles from the property and close by Interstate 405, I-55 and I-73 supply simple accessibility to the bigger Santa Ana space. Bristol, a mixed-use growth situated one block from the procuring middle, could have residential, workplace, leisure, eating and lodge house scheduled for supply in 2026. The Segerstrom Middle for the Arts, some 0.5 miles away, options artwork facilities, a theatre and a museum.
The sale of Bristol Place marks Orange County’s first procuring middle transaction above $20 million since October of final 12 months.
Hanley Funding Group Actual Property Advisors‘ Govt Vice Presidents Matt Burnett and Kevin Fryman together with President Ed Hanley represented Cadence Capital Investments and Oakwood Actual Property Companions within the transaction. Marcus & Millichap’s Ron Duong represented the client.
One other Orange County retail middle, The Row on Harbor, was not too long ago offered in an all-cash change. The strip middle’s tenants embrace Membership Pilates, EggBred, Bodhi Leaf Espresso Merchants and Sisu.
