Barings Sells Orange County Retail Center for $151M

February 5, 2026

Investment News Orange County Retail More Southeast

The company had owned the grocery-anchored property for more than 20 years.

An aerial shot of Seacliff Village, a grocery-anchored shopping center in Huntington Beach, Calif., purchased by Asana Partners for $151 million. *Image courtesy of JLL Capital Markets*

Asana Partners is expanding its Southern California portfolio with the purchase of Seacliff Village, a 253,234-square-foot grocery-anchored shopping center in Huntington Beach, Calif., for $151 million from longtime owner Barings. It was the second Orange County retail acquisition for Asana Partners in recent days.

JLL Capital Markets represented the seller, procured the buyer and secured an $83.8 million acquisition loan for Asana Partners. Details on the financing were not disclosed.

Barings, a global asset management firm, had owned the nearly 27-acre shopping center since September 2001, according to Yardi Matrix. The firm had secured an $80.6 million permanent loan for the property from Prudential Financial in October 2021, the same source showed.

Located at 7201 Yorktown Ave., Seacliff Village is wholly owned, including all 11 outparcels and shop buildings, providing total control over future opportunities at the site. The property is 95.8 percent occupied and anchored by a 69,925-square-foot Albertsons grocery store. Seacliff Village also has a diverse tenant mix of national brands including LA Fitness, Staples, Panera Bread, Starbucks and four banks. According to JLL, the institutional-quality property has a 58 percent credit tenant income stream. The retail center also offers upside potential because in-place rents are currently at 80 percent of market rates.

The property’s strategic location in the upscale coastal community offers visibility along Main and Goldenwest streets with more than 93,500 vehicles passing daily. JLL noted the property attracts more than 4.3 million annual visitors and benefits from strong demographics including $168,658 average household incomes and more than $1.4 million average home values within a 1-mile radius.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina and Managing Director Daniel Tyner. Senior Managing Director Anthony Fertitta Jr. and Managing Director John Marshall arranged the financing.

Noting Barings had owned the property for more than 20 years, Lvovich said in a prepared statement generational assets like Seacliff Village rarely come to market. He said the depth of interest at strong pricing demonstrated investors’ continued interest and conviction in the retail space.

Making a Mission Viejo deal

The same team of Lvovich, Tranchina and Tyner also arranged Asana Partners’ $51 million acquisition last week of Gateway Center, a 79,108-square-foot retail center in Mission Viejo, Calif. The JLL team worked on behalf of the seller, DJM Capital.

Tyner said in prepared remarks both institutional and private buyers showed very strong interest in Gateway Center, a well-performing unanchored strip center that is 97 percent leased with a mix of national credit tenants including Chase Bank, Starbucks, San Diego Credit Union and Pacific Dental Services. JLL noted the property’s internet-resistant tenant base is focused on daily-needs services including fitness, health and beauty, food and personal services.

Located at 23972-24042 Alicia Parkway, the property is well positioned along one of South Orange County’s most traveled retail corridors, with more than 78,000 vehicles passing per day.

Lvovich said in a prepared statement the sale of Gateway Center is a reflection of increased demand for strip centers. He added the abundance and diversity of capital was unlike anything they have seen in past marketing efforts.

The demand for grocery-anchored and other necessity-based retail centers is surging at a time when the supply is constrained, reflecting current retail market trends in high-income coastal markets. Only 8.3 million square feet of retail space was delivered in 2024 and approximately 10.6 million square feet was under construction last year, according to Cushman & Wakefield.

More Asana purchases

Asana Partners, which has more than $7 billion of neighborhood assets under management, also grew its Orange County presence last June when it acquired Westport Plaza & Square, a 39,334-square-foot, nearly 14-acre shopping center at 369 E. 17th St. in Costa Mesa, Calif., for $25.7 million from Space Investment Partners. The property is 97 percent leased to a mix of local and national tenants including Crumbl Cookies, Plums Café & Catering, Fleur De Lys, House of Yogurt, Common Thread, Massimos Pizza and Laser Away.

On the East Coast, Asana Partners purchased Red Bird Shopping Center, a 92,089-square-foot retail center in Miami, for $62.1 million in October. The previous owner of the property was The Brandon Co., according to Yardi Matrix data. The asset had last changed hands in 1986 for $6.5 million, the same source showed.

Anchors at the fully leased retail center are Milam’s Market, Walgreens, Orion Fuels and Ace Hardware. Other tenants include Crown Wine & Spirits and Quest Diagnostics.