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12/21/23
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Buena Park Place, a grocery-anchored, 208.6k sf shopping center located in the OC city of Buena Park, was acquired by an unnamed private investor. The seller was SITE Centers Corp.
Built in 1961 and renovated in 2016, the 100%-leased center is anchored by ALDI, the third largest grocery chain in the U.S. Additional tenants include Kohl’s, PetSmart, ULTA, Planet Fitness, Michael’s, Chick-Fil-A, Blaze Pizza, Panda Express, ONO Hawaiian BBQ, Dollar Tree and more, and shadow tenancy includes Carl’s Jr. and Starbucks. With 3.9 million annual visitors, the property ranks in the top 6% of shopping centers nationwide.
Situated at 8191-8371 La Palma Ave, the property is conveniently located near the junction of the I-5 Fwy and CA-91 Fwy. With a VPD of 241,000, the I-5 enables easy transit from cities, such as Los Angeles to the north and Santa Ana to the south; with 263,800 VPD, the CA-91 enables transit from the Inland Empire to the east and the south bay to the west. La Palma Ave adds an extra 36,400 VPD to pass the center. Situated in between Cerritos and Anaheim, Buena Park Place serves a highly populated and affluent subsect of Orange County. Within a five-mile radius of the property, the population is 626,520 with an average household income exceeding $103,000. Due to the property’s proximity to Knott’s Berry Farm, Angel Stadium, Honda Center, Disneyland and Cal State Fullerton, the surrounding area sees an influx of millions of visitors every year.
Bryan Ley, Gleb Lvovich, Geoff Tranchina, Dan Tyner and Tim Kuruzar with JLL Capital Markets represented the seller in the transaction.
”Buena Park Place is a well-established retail center located just adjacent to the Knotts Berry Farm Theme Park. The property attracted strong offer activity from some of the most competitive private capital in Southern California,” Ley said.
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