NEWPORT BEACH, Calif. – JLL Capital Markets announced today that it has closed the $4.2 million sale of Paularino Plaza, a 9,582-square-foot retail center that has sold for the first time in its more than 50 years in the Orange County community of Costa Mesa, California.
JLL worked with the buyer, Emerald Property Group, to acquire the asset in an off-market transaction. JLL also represented the seller, A.F. Baker Properties, in the sale.
Paularino Plaza is home to a variety of daily needs tenants, including a high-performing 7-Eleven and Kona Cleaners. The center was constructed in 1972 and serves a dense trade area that includes 158,000 residents within a three-mile radius.
The retail center is located at 675 Paularino Ave. at a high-traffic intersection of Bristol Street and Paularino Avenue, which exposes Paularino Plaza to more than 58,000 vehicles a day. Paularino Plaza also is adjacent to South Coast Plaza, the highest-grossing shopping center in the United States with over $1.3 billion in annual revenue.
The JLL Retail Capital Markets team representing the buyer and seller was led by Director Daniel Tyner and Managing Director Gleb Lvovich.
“It is rare properties like Paularino Plaza transact,” Tyner said. “The buyer was attracted to the property, as they are invested in the immediate trade area. We look forward to seeing the center continue to serve the community for many years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
