|An Orange County-based private family partnership purchased a 58.5k sf Burlington Coat Factory property in Santa Ana for $12.1 mil ($207/sf). Built in 2000 on 5.3 acres, the property is located at 2840 South Bristol St, at the northwest corner of Bristol and Segerstrom Ave. The location is one mile north of South Coast Plaza, the largest shopping mall in California.
Paul Bitonti, a vice president investments in Marcus & Millichap’s Newport Beach office, represented the seller, a limited liability corporation. Mark Thiel, a senior associate in the firm’s San Diego office, repped the buyer in the deal.
“The asset is a high-identity building with 285 lineal feet of frontage along the Bristol street corridor,” said Bitonti. “ The site’s average daily traffic count exceeds 40,000 cars per day and is home to numerous national and regional tenants, including Walgreens, IHOP, Target, Trader Joe’s, In-N-Out Burger, Burger King, Taco Bell, Starbucks and El Super.”
“This absolute net leased investment will provide the new owner with a rental increase of 2.7 percent in November 2013,” says Thiel. “There are also four five-year options to extend with 50-cent per square foot rent increases every five years.”