|
|
2/20/19
|
STC Management has acquired Anaheim GardenWalk, a 430k sf destination mixed-use entertainment center within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, in a deal valued at $80 mil ($186/sf). Whittier-based STC purchased the property on behalf of a partnership between local and Taiwanese investors.
The three-story, open-air project was sold by a partnership between New York City-based real estate operator and manager Arcturus, and two private equity investors. The center is occupied by top credit tenants including newly relocated House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, Cheesecake Factory, P.F. Chang’s, and California Pizza Kitchen, among others.
The project was designed by Callison Architects, in conjunction with Lyons Warren Engineers + Architects back in 2007, to be the “adult dining and entertainment alternative” to all that Disneyland offers families. In addition to the retail component, JW Marriott (not a part of the sale) is currently under construction with 466 units behind the Cheesecake Factory, abutting GardenWalk and offering direct pedestrian access into the property. GardenWalk is also designed to accommodate 399 timeshare units on top of its massive 2,900-stall parking garage and another 400-unit four-diamond hotel (NAP) planned to be built at the northwest corner of Katella Avenue and Clementine Street, which will potentially offer an estimated 1,265 hotel rooms for guests visiting Anaheim’s famed Disneyland Resort.
CBRE Vice Chairman Philip D. Voorhees, along with colleagues Jimmy Slusher, Kirk Brummer and Sean Heitzler from the firm’s National Retail Partners-West (NRP-West) team, represented the seller in the transaction. According to Voorhees, the acquisition offers the opportunity to add tremendous value at GardenWalk. CBRE’s marketing efforts produced a large interest in the confidentiality agreement/offering memoranda distributed and generated multiple offers to purchase the property.
“Landmark properties such as GardenWalk only exist around iconic, historical locations like Disneyland; it’s a rare opportunity to own them at a discount to the construction cost,” said Slusher. “Construction of the adjacent hotel projects and new tenancy such as the House of Blues at the property amplifies Disney’s draw for convention attendees, tourists and local resident patrons alike. We look forward to seeing the property’s continued evolution as we frequent it personally.”
According to Slusher, CBRE’s marketing efforts produced a large interest in the confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
