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10/26/18
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Edinger Plaza, a 155.3k sf, power shopping center in Huntington Beach, was acquired by Stockbridge, who purchased the property on behalf of its Smart Markets Fund, an open-end core vehicle. Although a transaction value was not disclosed, industry sources we talked to estimate a price near $65.5 mil ($422/sf).
Originally developed in 1976 by Watt Companies, Edinger Plaza sits on 13.46 acres at 7490-7664 Edinger Ave, between Gothard St and Beach Blvd. At the time of sale, the property was 99% leased to high performing, national and regional credit tenants including Nordstrom Rack, Dick’s Sporting Goods, PetSmart and Michaels, among others.
Megan Wood, Jimmy Slusher, Sean Heitzler and Philip D. Voorhees with CBRE’s National Retail Partners-West (NRP-West) team represented the seller, Santa Monica-based Watt Companies. They also repped the buyer in the transaction.
“Edinger Plaza enjoys one of the best retail locations in Orange County, across the street from Bella Terra and with proximity to Costco and hundreds of residential units,” said Voorhees. “All the project’s anchor tenants produce strong if not exceptional sales volumes. This transaction winds down a long-standing, successful partnership, and kicks off a tremendous opportunity for Stockbridge, one of the most sophisticated real estate operators in the country.”
The sale of Edinger Plaza in Huntington Beach represents the largest retail property transaction in terms of value in Orange County in 2018 (according to Real Capital Analytics Inc and CoStar Group). The second highest retail property sale in Orange County in 2018 was the sale of Bristol Center in Santa Ana, which was also completed by CBRE NRP-West. Located directly across the street from the world-renowned South Coast Plaza, Bristol Center sold for $46.5 mil earlier this year.
With this closing, CBRE's NRP-West team topped $10.9 bil in closed retail investment sale transactions. Select NRP-West team California listings include Outlets at the Border in San Ysidro, listed for sale for $56 mil; Market Place at Oxnard in Oxnard, listed for sale for $40.25 mil; and Anaheim Towne Center in Anaheim, listed for sale for $15.17 mil.
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