Orange County Shopping Center Trades for $37M
Hanley Investment Group represented the sellers, Cadence Capital Investments and Oakwood Real Estate Partners.
An affiliate of Cadence Capital Investments and Oakwood Real Estate Partners LLC sold Bristol Place, a 61,454-square-foot shopping center in Orange County, Calif. A private investor based in Newport Beach acquired the property for $36.5 million.
The multi-tenant shopping center is shadow-anchored by Target and predominately features food and service-related tenants. According to CommercialEdge data, other tenants include Papa Johns, H&R Block and AYCE Sushi. At the time of the sale, the property was 89 percent occupied.
Located at 3310-3398 S. Bristol St. in Santa Ana, Calif., Bristol Place was originally completed in 1968 and renovated in 2019. A $4.6 million remodel of the asset included an outdoor patio and new storefronts, roofs and HVAC units. Target renovated its store in 2018 and owns its part of the site.
The shopping center, built on an approximately 5-acre lot, is situated at the corner of Alton Avenue and Bristol Street. The parking ratio at Bristol Place is 4.75 spaces per 1,000 square feet. It is within 3 miles of some 215,000 people with an average household income exceeding $100,000, and less than a mile from the South Coast Plaza, the highest-grossing shopping center in the nation.
John Wayne Airport is 1.5 miles from the property and nearby interstates 405, 55 and 73 offer easy accessibility to the larger Santa Ana area. Related Bristol, a mixed-use development located one block from the shopping center, will have residential, office, entertainment, dining and hotel space scheduled for delivery in 2026. The Segerstrom Center for the Arts, some 0.5 miles away, features art centers, a theatre and a museum.
The sale of Bristol Place marks Orange County’s first shopping center transaction above $20 million since October of last year.
Hanley Investment Group Real Estate Advisors‘ Executive Vice Presidents Matt Burnett and Kevin Fryman along with President Ed Hanley represented Cadence Capital Investments and Oakwood Real Estate Partners in the transaction. Marcus & Millichap’s Ron Duong represented the buyer.
Another Orange County retail center, The Row on Harbor, was recently sold in an all-cash exchange. The strip center’s tenants include Club Pilates, EggBred, Bodhi Leaf Coffee Traders and Sisu.