REAL ESTATE

Orange County center sold for $46.5 million

BY Al Urbanski

Bristol Center, a 165,508-sq.-ft. community shopping center in Santa Ana has been acquired for $46.5 million by JH Real Estate Partners, an Orange County real estate investment company.

Situated on 14 acres of leased-fee land directly across from South Coast Plaza, the center’s tenants include Michaels, Staples, Party City, Buffalo Wild Wings, Chick-fil-A, and Firestone Auto Care.

NRP Retail Partners West, a CBRE company, brokered the sale on behalf of both the buyer and the seller, Sarofim Realty Advisors.

“The property’s ideal Bristol Street location across from South Coast Plaza [and] strong historical occupancy…make it a very attractive acquisition for the buyer,” said CBRE’s Kirk Brummer.

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REAL ESTATE

Demolition begins for Coconut Grove renovation

BY Al Urbanski

Wrecking balls this week began taking down a section of a retail center Miami’s famed Coconut Grove district to make way for a new mixed-use development.

The demolition of the east building of CocoWalk will make room for an 85,000-sq.-ft. office building and 20,000 sq. ft. of retail to be completed by the end of 2019. A remodel of the west side of the project is underway, with tenants including Cinepolis, YouFit, Chase Bank, and The Gap.

The new CocoWalk is a joint venture of Federal Realty Investment Trust, Grass River Property, and the Comras Company, which acquired CocoWalk in 2015 with a mission to upgrade it to the standards of the neighborhood’s changing population.

Companies such as General Electric, Sony Music, and Virgin Hotels have opened offices in Coconut Grove, leading to a need for more office space and amenities such as public spaces and restaurants.

“The community has been waiting for a new and improved CocoWalk for years,” said Federal Realty’s Chris Weilminster, who promised chef-driven restaurants and unique retail offerings.

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BECO breaks ground on Virginia mixed-use project

BY Al Urbanski

It lies but a few miles from Virginia’s Great Dismal Swamp Wildlife Preserve, but developer BECO sees a bright future for its Bridgeport development.

Aiming to create a social hub for residents of Suffolk, west of Norfolk in coastal Virginia, the recently begun phase one of the mixed-use project will incorporate 288 luxury apartments, 10,000 sq. ft. of office space, and 60,000 sq. ft. of retail.

“BECO is extremely proud and excited to bring our vision of a community-centric, mixed-use development to Suffolk,” said BECO co-owner Burt Cutright, who foresees growth for the area. “Bridgeport will marry top national retailers, local boutiques, and favorite area restaurants with exciting entertainment options.”

Construction is expected to begin on Bridgeport this summer, with the apartment complex slated for completion in spring 2019.

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