CBRE has announced the sale of Westport Plaza & Square, a 39,334 square foot shopping center on E.17th Street in Costa Mesa, California to Asana Partners for US $25.7 million.
CBRE's NRP-West Team which is led by Jimmy Slusher along with Megan Lanni and Shaya Northrup represented both seller Newport Beach-based Space Investment Partners, and buyer Asana Partners in the transaction.
The strong competition to acquire Westport Plaza & Square-from a distinguished pool of well capitalized investors, including institutional capital-demonstrates investors' preference to own top-tier assets with seasoned, high-performing tenancy, even without a traditional anchor.
Westport Plaza & Square is located at 369 E. 17th Street and 1685 Tustin Avenue in Costa Mesa. The property is 97 per cent leased to a curated mix of popular local tenants including neighborhood staples Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimos Pizza, Laser Away, and others.
Lanni says: "Westport Plaza & Square enjoys one of the premier retail locations in Orange County. Surrounded by a vibrant mix of national and specialty grocers, upscale dining, stylish boutiques, and exceptionally affluent demographics, the property location serves as its anchor and provides a competitive edge."
Built in 1975, with remodels completed in 2002 and 2018, the center encompasses approximately 13.73 acres of leased land and benefits from over 535 feet of linear frontage along E. 17th Street. Further, Westport Plaza & Square is subject to a long-term ground lease through 2079, for a total remaining term, inclusive of options, of just over 54 years.
Slusher describes the sale as a milestone for E. 17th Street, observing Asana Partners are the first institutional investors to target the retail corridor.
He adds, "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."
"With its compelling neighborhood demographics, the Westport Plaza & Square acquisition aligns with our strategy of targeting well-located, retail assets where we see an opportunity to continue to elevate the shopping and dining experience for the community," said Bri Baffer, Director of Investments for Asana Partners.
CBRE's marketing efforts produced more than 261 confidentiality agreement/offering memoranda distributed and through the team's "managed bid" offer process, generated multiple offers to purchase the property.
Slusher says, "The strong competition to acquire Westport Plaza & Square-from a distinguished pool of well capitalized investors, including institutional capital-demonstrates investors' preference to own top-tier assets with seasoned, high-performing tenancy, even without a traditional anchor."
Slusher and his team, based in CBRE, Inc.'s Newport Beach office, represent a portion of the NRP-West team focused exclusively on retail investment properties in the western states, including California, Oregon, Washington, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the U.S.
CBRE tells FM Magazine the team's ability to collaborate across CBRE's multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today's investment market.
Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.
Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: www.nrpwestlistings.com.
