IRVINE – JLL Capital Markets announced today that it has closed the $16.7 million sale of Bristol Marketplace, a 107,687-square-foot retail property located within Orange County in Santa Ana, California.
JLL represented the seller, and Tabani Group acquired the asset.
Bristol Marketplace is comprised of a 99,751 SF, two-story Kohl’s (dark) and adjacent shop space. The offering presented investors with a rare opportunity to reposition a vacant box within a core shopping center with in-place cash flow. The center is prominently located within a larger 386,000-square-foot regional retail center and benefits from an elite roster of adjacent tenancy that includes Target, CVS, Starbucks and Smart & Final. The larger destination center attracts over 3.9 million total visits annually, providing strong cross shopping and synergies to the value-add component.
Situated at 1351 W 17th St., Bristol Marketplace is located in one of the densest, infill trade areas in Orange County and is adjacent to I-5, which connects Los Angeles and Orange Counties, and benefits from over 372,000 vehicles per day. In addition, the property receives over 90,000 direct daily vehicular impressions at the North Bristol Street and 17th Street intersection. The center is adjacent to Santa Ana Community College, with over 24,000 students and 800 faculty members that help increase daily traffic to Bristol Marketplace. Additionally, within a three-mile radius there is over 348,918 residents with average household incomes exceeding $97,982.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner, Managing Director Geoff Tranchina and Director Conor Quinn.
“The sale of Bristol Marketplace perfectly demonstrates the continued enthusiasm from investors for big box retail. Landlords are now benefitting from record low vacancies and record high rents, which have significantly mitigated risk within the sector,” said Lvovich.
“We continue to see strong investor demand in value-add big box retail. The sale of Bristol Marketplace represented a unique opportunity to reposition a former department store into a more functional retail center that better aligns with the surrounding community,” said 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.
About Tabani Group
Tabani Group is a full-service commercial real estate company with a portfolio of over $1 billion and 10 million square feet of commercial, hotel and residential real estate nationwide. Founded in 1981 by Zaffar Tabani, Tabani Group’s performance and transactional expertise is built upon a reputation for creativity, judgement, timeliness and integrity.
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.
