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1/21/22
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San Jose-based DJM Capital acquired Gateway Center, a 79k sf retail destination in Mission Viejo, for $39.5 mil ($500/sf). The purchase was financed with an acquisition loan of $28.9 mil.
Completed in 1979, Gateway Center is leased to a synergistic mix of national and local tenants, including Starbucks, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The diverse combination of daily needs and service-oriented businesses attract a large customer base from an extended trade area, as more than 55% of center visitors travel more than three miles to the property and spend an average visit time of 78 minutes.
Gateway Center sits on 7.35 acres at 23972-24042 Alicia Pkwy in the heart of affluent, master-planned communities in Mission Viejo, a community in south Orange County. The center is conveniently positioned along Alicia Pkwy on the “going home” side where it intersects with Jeronimo Rd, exposing the property to more than 78,000 vehicles a day. This highly visible and accessible location is less than two miles from the I-5 Freeway within a dense, infill location that include more than 163,200 residents with average annual household incomes exceeding $139,460 within a three-mile radius.
Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner with JLL Retail Capital Markets team represented the seller, Gerrity Group LLC. Jeff Sause and John Marshall, also with JLL arranged the three-year, floating-rate acquisition loan.
“The sale of Gateway Center represents a resurgence of investor interest in retail in general and shop space in particular,” Lvovich said. “People ultimately want to gather, socialize and support retailers in their community.”
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