(EDITOR’S NOTE: According to public records, the property sold for $53 million, or about $254 per square foot. The buyer is an entity affiliated with Ming Hong International.)
LOS ANGELES– JLL Capital Markets announced today that it has closed the sale of Buena Park Place, a top-performing, grocery-anchored, 208,572-square-foot shopping center located within Orange County in Buena Park, California.
JLL represented the seller, SITE Centers Corp., and a private buyer acquired the asset.
Built in 1961 and renovated in 2016, the 100-percent-leased Buena Park Place is anchored by ALDI, the third largest grocery chain in the U.S. Additional tenants include Kohl’s, PetSmart, ULTA, Planet Fitness, Michael’s, Chick-Fil-A, Blaze Pizza, Panda Express, ONO Hawaiian BBQ, Dollar Tree and more, and shadow tenancy includes Carl’s Jr. and Starbucks. With 3.9 million annual visitors, the property ranks in the top 6% of shopping centers nationwide.
Situated at 8191-8371 La Palma Ave., the property is conveniently located near the junction of the I-5 Freeway and CA-91 Freeway. With a VPD of 241,000, the I-5 enables easy transit from cities, such as Los Angeles to the north and Santa Ana to the south; with 263,800 VPD, the CA-91 enables transit from the Inland Empire to the east and the south bay to the west. La Palma Ave adds an extra 36,400 VPD to pass the center. Situated in between Cerritos and Anaheim, Buena Park Place serves a highly populated and affluent subsect of Orange County. Within a five-mile radius of the property, the population is 626,520 with an average household income exceeding $103,000. Due to the property’s proximity to Knott’s Berry Farm, Angel Stadium, Honda Center, Disneyland and Cal State Fullerton, the surrounding area sees an influx of millions of visitors every year.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Bryan Ley, Gleb Lvovich and Geoff Tranchina, Senior Director Dan Tyner and Director Tim Kuruzar.
”Buena Park Place is a well-established retail center located just adjacent to the Knotts Berry Farm Theme Park. The property attracted strong offer activity from some of the most competitive private capital in Southern California,” Ley said. “We are excited to see further growth of the asset, as the demand we saw in our marketing process was a testament to the continued strong retail fundamentals the retail space is seeing, mixed with investor capital reallocating from other asset classes and into dominant retail assets and daily needs community centers.”
“We received a strong amount of interest in Buena Park Place further proving the demand for big box, grocery-anchored retail. We sourced an all-cash private investor and continue to see private capital remain highly active in today’s market,” added Tyner.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About SITE Centers
SITE Centers Corp. is an owner and manager of open-air shopping centers located in suburban, high household income communities. The company is self-administered and self-managed REIT operating as a fully integrated real estate company. It has been publicly traded on the New York Stock Exchange since 1993 and is currently traded under the ticker symbol SITC.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
