Barings Buys SoCal Grocery-Anchored Shopping Center for $66M

First Washington Realty sold the fully leased property

By Greg Cornfield October 26, 2026 2:15 pm

CBRE's Mark Damiani (top) and Jimmy Slusher, and Village Center at Rose in Placentia, Calif. PHOTOS: Courtesy CBRE

Investment management firm Barings has put down $66.2 million to acquire a fully leased grocery-anchored shopping center in Orange County, Calif.

First Washington Realty sold the Village Center at Rose, a 118,876-square-foot retail property at 600-858 North Rose Drive in Placentia, Calif., CBRE announced Monday. The transaction is equal to about $557 per square foot.

The 10.15-acre shopping center was built 30 years ago at the northeast corner of North Rose Drive and Alta Vista Street.

Approximately 80 percent of the existing occupants have operated at the center for more than a decade. Supermarket chain Ralphs, which has anchored the property since its opening with 44,000 square feet, or about 37 percent of its leasable space. Other tenants include Jersey Mike’s Subs, The UPS Store, Cold Stone Creamery, WaBa Grill, Chase Bank, Carl’s Jr., Carbon Health, Phenix Salon Suites and Australian Swim School.

“The center serves a dense trade area with strong household incomes and limited new retail supply,” CBRE’s Mark Damiani said in a statement. “More than 147,000 people live within three miles of the center, and nearby new housing continues to add to the demand that Ralphs and the surrounding tenants serve.”

The surrounding five-mile trade area contains more than 372,700 residents, with an average household income of approximately $154,800, according to CBRE. The property also benefits from roughly 1,100 linear feet of frontage along North Rose Drive, which carries approximately 25,000 vehicles daily.

CBRE’s Damiani, Jimmy Slusher, James Tyrrell and Shaya McClanahan represented First Washington Realty, an institutional investor focused on grocery-anchored and necessity-based retail centers. The firm owns interests in and manages approximately $8.9 billion in assets across 134 open-air shopping centers totaling 21.3 million square feet nationwide.

Meanwhile, Barings, a subsidiary of MassMutual, manages approximately $500 billion in assets across credit, real estate and other investment strategies.

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