Orange County retail center trades hands in $85.7M sale
JLL Capital Markets arranged the sale of the grocery- and drug-anchored Brea Gateway Center in Brea, Calif.
NEWPORT BEACH, Calif., Jan. 20, 2022 – JLL Capital Markets announced today that it has closed the $85.7 million sale of Brea Gateway Center, a 181,891-square-foot, top-tier grocery- and drug-anchored retail center in the Orange County community of Brea, California.
Anchored by a top-performing Ralphs and Rite Aid, the 97.9-percent-occupied Brea Gateway Center is also home to a curated mix of nationally recognized, daily-needs and internet-resistant tenants that include HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell, Panda Express and more.
Brea Gateway Center comprises 13 parcels on 12.5 acres at 101-407 W. Imperial Highway within one of Brea’s main economic centers that welcomes approximately 173,841 daytime employees within a five-mile radius. The center also has prominent visibility at its position along the high-traffic Imperial Highway, which has a daily traffic count of 64,646 vehicles a day. This dense and affluent Orange County trade area includes more than 134,290 residents with an average annual household income of $91,069 within a three-mile radius.
“We are pleased to have represented ownership on the sale of such a rare asset that they’ve owned for over 25 years, and, at the same time, help Brixmor continue to grow their West Coast portfolio,” Lvovich said. “Infill grocery- and drug-anchored retail with full site control is the gold standard for investors, and the resulting sale demonstrates the strong demand for assets in this category."
“It’s rare to see an asset of this quality level trade in Orange County,” Tranchina added. “Downtown Brea is one of the most dynamic destinations in the region, and, as the gateway property, will provide Brixmor strong tailwinds for future leasing demand.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.