By Evelyn Jozsa
JH Real Estate Partners has purchased Bristol Center, a 165,508-square-foot shopping center in Santa Ana, Calif. Sarofim Realty Advisors sold the asset for $46.5 million. Recently, the company also disposed of the portion it owned at Knox District, a mixed-use property in Dallas. CBRE’s National Retail Partners-West team represented both the seller and the buyer in the deal.
Bristol Center is located at 3601-3825 S. Bristol St. near Interstate 405 and Freeway 55 and across from South Coast Plaza. The area is densely populated—approximately 199,300 people live within a three-mile radius—with an average income of nearly $70,000. Constructed in 1974, the retail center occupies more than 14 acres and is 97 percent leased to tenants including CVS Pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care.
Philip Voorhees, Preston Fetrow, Kirk Brummer, Megan Wood and Sean Heitzler were part of the team that brokered the deal.
“The property’s ideal Bristol Street location across from South Coast Plaza, strong historical occupancy, improving tenancy and upward trending rents in this highly dense and affluent trade area make it a very attractive acquisition for the buyer,” said Kirk Brummer, retail expert at CBRE, in prepared statements.
Image courtesy of CBRE