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8/16/12
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RENTV has learned that an OC investor has acquired The Landing, a Vons Pavilions-anchored shopping center located in Newport Beach, by purchasing the stock in Catellus, the company that owned the property. The asset traded in an off-market transaction valued at $34.9 mil, which works out to $790 per square foot for the property on fee simple basis. We’re told that this would represent the highest sale price per square foot in the last five years for the purchase of a grocery-anchored center in California.
Situated on 3.78 acres at 3100 West Balboa Blvd, the 44.3k sf shopping center is located on the popular Balboa Peninsula at the corner of 32nd St and Balboa. The prime Newport Beach shopping center had recently undergone a major renovation by the seller, who turned an aging shopping center into a new upscale development. Tenants include Vons Pavilions, Gina’s Pizza, Crow Bar and Kitchen, Chipotle and Chase Bank.
The seller, Catellus, had once been a very active commercial real estate developer in California, having owned and/or developed a number of large projects, including Union Station in downtown Los Angeles and much of Mission Bay in San Francisco’s SOMA district. The company had merged with Denver-based Prologis in a $5 bil deal back in 2005. Prologis then sold off the Catellus name and much of the firm’s assets to TPG Capital at the end of 2010. TPG – Catellus -- has since sold off much of the remaining Catellus property, including a $75 mil deal in the first half of 2011 with Los Angeles County’s MTA (Metropolitan Transportation Authority) for LA’s historic Union Station property downtown.
In the Newport Beach sale, Edward B. Hanley and Eric P. Wohl of Hanley Investment Group assisted with the deal by bringing the buyer in the transaction. Newport Beach-based HOM Real Estate Group also represented the buyer in the deal.
"The sale of the stock in the company that owned The Landing is another good indicator that the retail investment market, particularly well-located grocery/drug anchored shopping centers, continues to be very strong. Look for this demand to remain steady through 2012 as retail sales improve and the debt market becomes more active,” said Hanley.
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