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2/03/26
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Asana Partners has acquired Gateway Center, a 79.1k sf retail center in Mission Viejo, for $51 mil ($645/sf). The property, located at 23972-24042 Alicia Pkwy, was sold by DJM Capital.
The center is 97% leased and features a diversified tenant mix including national credit tenants Chase Bank, Starbucks, San Diego County Credit Union and Pacific Dental Services. The property showcases an internet-resistant tenant base focused on daily-needs services including fitness, health and beauty, food and personal services, with 100% immunity to e-commerce risk.
Gateway Center is well positioned along one of South Orange County's most traveled retail corridors. This prime location offers excellent visibility and accessibility, with over 78,000 vehicles per day exposed to the property through Alicia Pkwy and Jeronimo Rd traffic counts.
Gleb Lvovich, Geoff Tranchina and Daniel Tyner with JLL Capital Markets represented the seller in the transaction.
"The sale of Gateway Center is a reflection of the surge in demand for strip centers. The abundance of capital and diversity of that capital is unlike anything we’ve seen during past marketing efforts,” said Lvovich. “Gateway Center offered investors a unique opportunity to acquire a well performing unanchored strip center with scale and NOI growth potential.”
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