Southern California’s retail market has seen a significant number of investment activity over the last several quarters, and retail investors continue to test the strength of the market by placing properties up for sale.
One property to be placed on the market in recent months is Buena Park Place, a 208,572 square foot shopping center in Buena Park. According to the offering memorandum by JLL, which did not disclose pricing guidance, the shopping center is located at 8191-8371 La Palma Avenue and is fully occupied by a diverse group of tenants.
The property was initially built in 1961, and is owned by Site Centers, a real estate investment trust headquartered in Ohio, according to public records.
At 100 percent occupied, the property offers a net operating income of more than $3.5 million. Some tenants at Buena Park Place include Aldi, Kohl’s, PetSmart, Michael’s, Chick-Fil-A and Ulta. Overall, tenants bring approximately 3.9 million annual visitors, according to JLL.
The listing also shows that, with 19.53 acres, the property could also be used as a multifamily development site. A rezoning initiative will allow for an investor to build up to 100 multifamily units per acre on the Kohl’s parcel, which consists of approximately seven acres of the total site.
The property is situated within close proximity to Interstate 5 and Route 91, which sees a traffic count of approximately 241,000 and 263,800 vehicles per day, respectively. The property is also near various Orange County tourist attractions, like Knott’s Berry Farm and Disneyland.
Overall, the area is home to a large population of people, with approximately 268,243 people living within five miles of the property. Those living within a five-mile radius property make an average household income of approximately $103,388 per year, according to the offering memorandum.