Burnham Ward Properties in Newport Beach has sold the SoCo shopping center in Costa Mesa for $110 million.
The price for South Coast Collection was reported by a news division of Newport Beach-based Green Street.
The buyer was Baltimore-based Continental Realty Corp.
“South Coast Collection is the only shopping venue of its kind in an extensive, high net worth trade area,” stated Josh Dinstein, a senior vice president at CRC. “The asset’s institutional quality and strong value-add potential, plus its location in the heart of Orange County, make SoCo the perfect acquisition for our entry into the southern California marketplace.”
The 292,000-square-foot retail center sits on 20 acres not far from IKEA and the new Anduril headquarters in the previous LA Times printing plant. The shopping center is known for its high-end home furnishing brands and the dining hub known as The Mix.
Tenants at 3303-3323 Hyland Ave. include COCO Republic, Design Within Reach, Roche Bobois, Pirch and Paul Mitchell the School, Natuzzi Italia and Room & Board. Restaurants include Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee.
In 2015, Rockwood Capital in White Plains, N.Y., invested $120 million in the 405 freeway-adjacent property. Joel Mayer, a managing director at Rockwood, said at the time that the firm was looking forward “to enhancing the property to create an environment that is among the preeminent lifestyle centers in Southern California.”
Eastdil Secured LLC represented Burnham Ward Properties in the sale.
More small apartments trade hands
The investor thirst for small apartment complexes continues in Orange County.
In recent weeks, a beach-adjacent building with eight apartments in Laguna Beach sold for $3.075 million or $384,375 per studio unit, according to CBRE.
The 66-year-old apartment building at 525 Catalina is a few blocks from Laguna’s Main Beach and downtown village. Built in 1957,…
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