OC Mixed-Use Building Sells for $56M
- Nov 17, 2017
CBRE has arranged the sale of The Triangle, a 204,532-square-foot dining and entertainment lifestyle center in Costa Mesa, Calif., for $55.7 million, representing a 6 percent cap rate. The company worked on behalf of the seller, a partnership led by Greenlaw Partners. The buyer is a Los Angeles-based family office syndicate and has acquired the asset as an addition to its real estate portfolio holdings.
Located at 1870 Harbor Blvd., The Triangle is at the base of Freeway 55, the gateway to Orange County’s beach cities, where it enjoys 360-degree visibility. The center was built in 1992 and 1993, and underwent an extensive remodeling between 2012 and 2013. At the time of the sale the asset was 94 percent occupied. Tenants include a collection of restaurants led by Yard House, the TIME night club, Tavern & Bowl, 24-hour fitness center, and the nine-screen Triangle Cinemas.
“The sale represented a great execution for the seller partnership, reviving an iconic coastal Orange County property,” said Jimmy Slusher, retail investment expert at CBRE, in prepared remarks. “The new ownership has an excellent opportunity to capitalize on existing momentum with the lease up of the few remaining suites, complementing The Triangle’s already successful tenant lineup.”
Image courtesy of CBRE