STC Management Buys Anaheim Mixed-Use Property for $80M
- Feb 21, 2019
STC Management has acquired Anaheim GardenWalk, a mixed-use property in Orange County, on behalf of a partnership between local and Taiwanese investors. The asset was purchased for $80 million from a partnership between Arcturus and two private equity investors.
The three-story, open-air destination is within walking distance of Disneyland Resort and the Anaheim Convention Center. The property comprises 430,000 square feet of leasable space, with current tenants including House of Blues Anaheim, AMC Theatres, Cheesecake Factory, California Pizza Kitchen, Bowlmor Bowling Center, 24 Hour Fitness, P.F. Chang’s and more.
“Anaheim GardenWalk boasts tremendous, immediate upside and historically strong restaurant sales. GardenWalk is located in the geographic center of Orange County, with a population of 3.2 million, and an average household income exceeding $113,600 per year, making it one of the most affluent large counties in the U.S.,” Philip Voorhees, vice chairman, CBRE, told Commercial Property Executive. “Furthermore, Anaheim GardenWalk is situated only 1,500 feet from Disneyland Resort, California’s premier tourist destination, hosting 27.2 million visitors per year, and more cumulative visitors—±650 million—than any other theme park in the world. The STC partnership will leverage this tremendous location and its deep tenant relationships to reposition Anaheim GardenWalk in the months ahead.”
CBRE’s National Retail Partners-West team of Voorhees, Jimmy Slusher, Sean Heitzler and Kirk Brummer arranged the transaction on behalf of the seller. Back in October, some members of the same team arranged the $65.5 million sale of Edinger Plaza, a 155,275-square-foot power shopping center in Huntington Beach, Calif.
Anaheim GardenWalk was constructed back in 2007, designed by a partnership of Callison Architects and Lyons Warren Engineers + Architects. In addition to the retail portion, JW Marriott, which was not part of the sale, is building 466 keys located behind the Cheesecake Factory, offering pedestrian access to the property.
The asset is also designed to accommodate 399 timeshare units atop of its 2,900-stall parking garage and another 400-key four-diamond hotel that will be constructed along the northwest corner of Katella Avenue and Clementine Street. This will offer an additional 1,265 guestrooms for tourists visiting Disneyland.
Images courtesy of CBRE