|
|
12/14/23
|
Tabani Group paid $16.7 mil for Bristol Marketplace, a 107.7k sf retail property in Santa Ana. Bristol Marketplace is comprised of a 99.8k sf, two-story Kohl’s (dark) and adjacent shop space. The offering presented investors with a rare opportunity to reposition a vacant box within a core shopping center with in-place cash flow.
The center is prominently located within a larger 386k sf regional retail center and benefits from an elite roster of adjacent tenancy that includes Target, CVS, Starbucks and Smart & Final. The larger destination center attracts over 3.9 million total visits annually, providing strong cross shopping and synergies to the value-add component.
Situated at 1351 W 17th St., Bristol Marketplace is located in one of the densest, infill trade areas in Orange County and is adjacent to I-5, which connects Los Angeles and Orange Counties, and benefits from over 372,000 vehicles per day. In addition, the property receives over 90,000 direct daily vehicular impressions at the North Bristol St and 17th St intersection.
The center is adjacent to Santa Ana Community College, with over 24,000 students and 800 faculty members that help increase daily traffic to Bristol Marketplace. Additionally, within a three-mile radius there are over 348,918 residents with average household incomes exceeding $97,982.
Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Conor Quinn with JLL Capital Markets represented the seller in the deal.
“The sale of Bristol Marketplace perfectly demonstrates the continued enthusiasm from investors for big box retail. Landlords are now benefitting from record low vacancies and record high rents, which have significantly mitigated risk within the sector,” said Lvovich.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
