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6/21/21
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Paularino Plaza, a 9.6k sf retail center in Costa Mesa, has sold for the first time in the more than 50 years since it was built. The asset was acquired by Emerald Property Group for $4.2 mil ($437/sf) in an off-market transaction.
Paularino Plaza is home to a variety of daily needs tenants, including a high-performing 7-Eleven and Kona Cleaners. The center was constructed in 1972 and serves a dense trade area that includes 158,000 residents within a three-mile radius.
The retail center is located at 675 Paularino Ave. at a high-traffic intersection of Bristol Street and Paularino Avenue, which exposes Paularino Plaza to more than 58,000 vehicles a day. Paularino Plaza also is adjacent to South Coast Plaza, the highest-grossing shopping center in the United States with over $1.3 bil in annual revenue.
Daniel Tyner and Gleb Lvovich with JLL Retail Capital Markets represented the buyer and the seller, A.F. Baker Properties, in the sale.
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