Continuum Analytics Takes SoCal Shopping Center With Loan From Hanmi Bank
By Greg Cornfield October 12, 2023 4:25 pm
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The Kaleidoscope Center, a 243,000-square-foot shopping mall with office space in Orange County, Calif., is set for repositioning under new ownership.
Continuum Analytics bought the property from Westport Capital Partners for $33.5 million, or about $138 per square foot, records show. Additionally, Los Angeles-based Hanmi Bank provided $21.8 million in acquisition financing.
Marcus & Millichap Capital Corporation announced the financing Thursday, but did not disclose the name of the lender. Terms of the five-year loan include one year of interest-only payments at 7.5 percent followed by 25-year amortization.
Occupancy at Kaleidoscope is currently north of 70 percent, according to media reports. Major tenants include L.A. Fitness, Edwards Theatres, Mariners Church, the California Department of Motor Vehicles and Buffalo Wild Wings. The development was built in 1998 at 27741 Crown Valley Parkway in Mission Viejo, Calif., across the street from the Shops at Mission Viejo, near Crown Valley Parkway.
Rick Judge, senior vice president for capital markets based in Marcus & Millichap’s Newport Beach office, secured the financing.
“Notwithstanding a challenging market, we were able to secure attractive financing for this acquisition,” Judge said in a statement.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
