OC Retail Center Sells for $20M
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Marcus & Millichap has arranged the sale of a two-tenant triple-net-leased retail center in Santa Ana, Calif. IRA Capital traded the property for $20.1 million. Marcus & Millichap represented the seller and procured the buyer, a local investor. The asset is occupied by Burlington Coat Factory and Aldi.
Situated at 2840 S. Bristol St., the buildings are near Freeway 55, Interstate 405 and is approximately 5 miles from downtown Irvine. Additionally, the properties are close to South Coast Plaza, Food 4 Less, Target, Vons, T.J. Maxx, Bed, Bath & Beyond, Nordstrom, Bloomingdale’s Burberry, Saks Fifth Avenue and Macy’s. The area is surrounded by many apartment communities, including The Aspens South Coast, a 642-unit property located within 1 mile of the retail facilities. Around 844,700 people work in the area, with a median household income of roughly $88,000.
“The property was recently renovated and both tenants have entered new long-term leases,” said Mark Thiel, senior vice president of investments at Marcus & Millichap, in prepared remarks.
Marcus & Millichap’s brokerage team included Thiel and Senior Associate Adam Attia.
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