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6/21/23
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In a recent OC retail trade, Adams Marketplace, a 65.1k sf, top-performing, grocery-anchored center located within coastal Orange County in Huntington Beach, traded for $29 mil ($445/sf).
Built in 1974 and renovated in 2022, the 98%-occupied Adams Marketplace is anchored by Smart & Final Extra, a major grocery destination for the surrounding Huntington Beach community. Additional tenants include Petco, Starbucks, MemorialCare Medical, Wingstop, 76 Gas (NAP), Jiffy Lube (NAP) and Carl’s Jr. (NAP), providing a diverse range of essential uses and services.
Located at 9062 Adams Ave, the center sits at the junction of Magnolia St and Adams Ave and is also located between Pacific Coast Hwy and the 405 Fwy. The property is less than three miles from the Huntington Beach Pier and within proximity to several major colleges, including Orange Coast College and Golden West College. The center serves approximately 400,000 people within a five-mile radius, and the average household incomes exceeds $157k within a one-mile radius.
Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Daniel Tyner with JLL Capital Markets represented the seller, affiliates of Fortress Investment Group and DJM Capital. The asset was acquired by a private, Orange County-based buyer.
“Adams Marketplace further demonstrates the strong desire of investors today for well-located suburban, grocery-anchored shopping centers,” said Ley. “The sale marked one of the largest Orange County retail trades to date in 2023 and saw a strong field of investors vying for the asset in our marketing process. The asset will be a great long-term investment for the new owner.”
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