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11/14/17
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The Triangle, a 204.5k sf coastal dining and entertainment lifestyle center in Costa Mesa, was purchased by a Los Angeles-based family office syndicate in a $55.7 mil ($272/sf) transaction. The center is anchored by an impressive collection of restaurants led by Yard House, TIME, Orange County’s premier night club, a flagship 24 Hour Fitness location, Tavern & Bowl, and the nine-screen Triangle Cinemas.
The sale came in at a high 6% cap rate. The property, which was approximately 94% occupied at the time of sale, was sold by Greenlaw Partners, out of Orange County.
Built in 1992-1993, with an extensive remodel completed in 2012-2013, The Triangle sits on a wholly-owned, 4.68-acre site at 1870 Harbor Blvd, adjacent to the 55 Fwy. Situated at the gateway to Orange County’s beach cities, the property benefits from tremendous visibility, exposure and access to a dense and affluent population.
Philip D. Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read with CBRE’s National Retail Partners – West (NRP-West) team represented the seller in the deal. The listing generated 11 offers to buy. Voorhees noted that he expects the new ownership will continue curating The Triangle’s tenant mix to include more internet-resistant dining and entertainment uses that thrive in this vibrant coastal location.
“The new ownership has an excellent opportunity to capitalize on existing momentum with the lease up of the few remaining suites, complementing The Triangle’s already successful tenant lineup,” Slusher added.
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