SITE Centers Unloads SoCal Retail Center for $53M

Aldi anchors fully leased shopping center anchored in Orange County

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Grocery-anchored assets have become among the most consistently in-demand properties for retail investors in Southern California.

Real estate investment trust SITE Centers Corp. sold a fully leased 208,572-square-foot shopping center in Orange County anchored by Aldi for $53 million, property records show. JLL (JLL) Capital Markets represented the seller and announced the deal but did not disclose the sale price or name of the private buyer.

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According to the deed, an entity named Countrywood California Investment — which shares an address with restaurant wholesaler Ming Hong International — acquired the property named Buena Park Place in Buena Park, Calif., which is in between Cerritos and Anaheim near the border with Los Angeles County.

Buena Park Place was built in 1961 and renovated in 2016. Tenants include Kohl’s, PetSmart, ULTA, Planet Fitness, Michael’s, Chick-Fil-A, Blaze Pizza, Panda Express, ONO Hawaiian BBQ and Dollar Tree. It’s near the Knotts Berry Farm Theme Park at 8191-8371 La Palma Avenue near the I-5 Freeway and CA-91 Freeway. According to JLL, it boasts 3.9 million annual visitors and ranks in the top 6 percent of shopping centers nationwide.

JLL’s Bryan Ley, Gleb Lvovich, Geoff Tranchina, Dan Tyner and Tim Kuruzar facilitated the deal.

Outdoor and grocery-anchored retail properties have consistently driven activity in the region the past few years. For example, Regency Centers recently purchased a leasehold interest in the 103,639-square-foot Nohl Plaza, anchored by Vons, for $25.3 million, and Edens recently secured full occupancy for a 64,522-square-foot property anchored by a Sprouts  in La Cañada Flintridge. 

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.