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July 14, 2020
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Space Investment Partners Spends $18.4 Mil on OC Retail Center


Space Investment Partners has purchased Westport Plaza & Square, a 39k sf, leasehold retail center in Costa Mesa, for $18.4 mil ($472/sf). The asset is located at 369 E. 17th St, in the heart of the city’s E. 17th Street retail corridor.

Westport Plaza was built in 1975 and renovated in 2002 and 2018. The property is 100% leased to a top-tier collection of unique eateries, restaurants, and high-end clothing and furnishing boutiques with many tenants that have occupied the center for more than 10 years. Tenants include Etoile on 17th fashion, fitness, and dance; Plums Café and Catering; Common Thread clothing store, and Shunka Sushi, among others.

CBRE’s National Retail Partners-West retail experts Philip Voorhees, Jimmy Slusher and Sean Heitzler represented the seller, Wohl Investment Company, a Newport Beach-based private real estate management firm. Space Investment Partners is a fully-integrated investment, development and management company based in Irvine.

“Westport Plaza is an extremely well-located property that we are buying for cash flow. We really believe in the continued revitalization of 17th Street and have seen a significant number of new retail concepts up and down the street. This coupled with the highly affluent demographics made the asset particularly attractive to us,” said Space Investment Partners Managing Partner and Co-Founder Mark Moshayedi.

“Completing the sale of three significant leasehold assets along 17th Street totaling over $50 million in transaction volume over the last 26 months (Westport Plaza & Square, 17th Street Promenade, and 17th & Newport Ave), our team continues to identify local buyers who appreciate the depth and demand from tenants seeking locations on E. 17th Street. These leasehold assets are 100% depreciable, providing excellent after-tax benefits to investors,” said CBRE’s Slusher.

East 17th Street is a primary retail/commercial street for the greater Costa Mesa and Newport Beach area and recognized as one of the best retail streets in Orange County. Having owned the property for over 25 years, Wohl Investment Company curated a quintessential retail center tenant lineup catering to this coastal Orange County neighborhood and its A+ demographics. To underscore the changing character of the street, recent restaurants that have opened along East 17th Street include Paris Baguette, Playa Mesa, The Country Club, The Crack Shack, Mendocino Farms, Kit Coffee, and Olea Restaurant.

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