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6/03/25
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Asana Partners purchased Westport Plaza & Square, a 39.3k sf shopping center in Costa Mesa, for $25.7 mil, or $654/sf. The center is located at 369 E. 17th St and 1685 Tustin Ave, east of the 55 Fwy.
The property is 97% leased to a curated mix of popular local tenants including neighborhood staples Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimos Pizza, Laser Away, and others.
Built in 1975, with remodels completed in 2002 and 2018, the center encompasses approximately 13.73 acres of leased land and benefits from over 535 feet of linear frontage along E. 17th St. Further, Westport Plaza & Square is subject to a long-term ground lease through 2079, for a total remaining term, inclusive of options, of just over 54 years.
CBRE’s NRP-West Team led by Jimmy Slusher along with Megan Lanni and Shaya Northrup represented both the buyer and the seller, Newport Beach-based Space Investment Partners, in the transaction. According to CBRE, the listing generated more than 260 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property.
“Westport Plaza & Square enjoys one of the premier retail locations in Orange County. Surrounded by a vibrant mix of national and specialty grocers, upscale dining, stylish boutiques, and exceptionally affluent demographics, the property location serves as its anchor and provides a competitive edge,” said Lanni.
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