61,545 SQFT Retail Center on the Market in Santa Ana With Guidance Pricing Set at $40.92MM

Santa Ana, Orange County, Bristol Place, Cadence Capital Investments, Target, Hanley Investment Group, LensCrafters, CrabStation, Spectrum, H&R Block, South Coast Pharmacy, Crumbl Cookies

By Catherine Sweeney

Bristol Place, a 61,545 square foot shopping center in Santa Ana, is up for sale, after last trading nearly 30 years ago. According to a listing from Hanley Investment Group, the shopping center is on the market, with an asking price of $40.92 million, or about $664 per square foot.

The property is currently owned by an entity affiliated with Englewood, Colo.-based Cadence Capital Investments. According to public records, the company has owned the property since 1994, when it was purchased for $10.13 million.

Located at 3310 S Bristol St. on more than five acres, the retail center was initially built in 1986. Most recently, the property received a $4.6 million renovation in 2019, according to the offering memorandum, to include additional restaurant uses, such as outdoor patio areas, added power, new roofs and upgraded storefronts.

The property is shadow-anchored by Target, with occupants including LensCrafters, CrabStation, Spectrum, H&R Block, South Coast Pharmacy and Crumbl Cookies, among many others. At 94 percent occupied, net operating income at the property is more than $2.4 million, according to the listing.

Located at the corner of Alton and Bristol streets, the property sits in a prime retail corridor of Orange County, less than one mile from South Coast Plaza, the highest-grossing shopping center in the United States, according to the listing. The property also sits near Interstate 405, and both state routes 55 and 73. John Wayne Airport is also just one and a half miles from the property.

With much activity in the immediate area, a large population also resides within the immediate area of the shopping center. Within a three-mile radius of the property, there are more than 215,000 people with an average household income of more than $100,000 annually.

Overall, the Orange County retail market report has been performing well over the past several quarters with vacancies continuing to trend down. According to a third quarter retail market report from Kidder Mathews, vacancy rates in Orange County have lowered more than 11 percent year-over-year to 3.9 percent. At the same time, average sales price has increased by more than 15 percent. As of the third quarter of 2022, average sales price for retail assets in Orange County were at about $448 per square foot, compared to $389 the year prior.