Orange County has seen a number of retail centers trade hands in recent months. In one recent transaction, a joint venture between DJM Capital and Fortress Investment Group acquired a 65,116 square foot shopping center in Huntington Beach. According to public records, an entity relating to the two firms acquired the property for $29.2 million, or $448 per square foot, from an entity linked to Merlone Geier.
The property, also known as Adams Marketplace, is located at 9062 Adams Ave. The property is currently occupied by 18 tenants, including Smart & Final Extra, Petco, Starbucks and MemorialCare Medical, among others.
The grocery-anchored shopping center is located at the junction of Magnolia Street and Adams Avenue, which sees 25,000 and 39,500 vehicles per day, respectively. The property is near various other retail properties and is also within close proximity to both the Pacific Coast Highway and Interstate 405.
Based in San Jose, DJM Capital is an commercial real estate investment company with more than four million square feet of retail managed and owned and an additional $2 billion in assets under management.
Fortress Investment Group is a New York City-based global investment manager with approximately $45.8 billion worth of assets under management, according to the firm’s website. Founded in 1998, Fortress manages assets on behalf of over 1,900 institutional clients.
DJM Capital has acquired several properties throughout Orange County in recent months. In January, the firm acquired the 79,001 square foot Gateway Center for $39.5 million, or nearly $500 per square foot. The property is located at 23972-24042 Alicia Parkway in Mission Viejo and was sold by Gerrity Group.
