Harbor Pacific Court, an 11.8k sf, multi-tenant retail center in Costa Mesa, was acquired by an OC private investor for $5.35 mil, or $453/sf. The center, located at 2346 Newport Blvd, is 91% occupied by eight tenants including anchor tenant, Circle K.
Situated on .88 acres, the center is located at the signalized intersection of Newport Blvd and Wilson St, which are two major thoroughfares within Costa Mesa. It is also positioned along the 55 Fwy, which sees more than 140,000 vehicles per day.
Additionally, nearby retailers include Stater Bros, The Home Depot, Planet Fitness, and Party City, among others in a dense retail corridor. More than 427,000 people live within a five-mile radius of the property.
Michael Walseth with SRS’ National Net Lease Group represented the buyer and the seller, a Los Angeles-based private investor. The closing cap rate was 4.5% and the price per square foot was $454.50.
This offering presented a rare opportunity to own a value-add coastal Orange County retail asset,” said Walseth. “Because of the amount of capital seeking an investment here, we received multiple offers. We selected a strong, all-cash buyer who was willing to extend the closing date in order to allow for the seller to identify an upleg property for its 1031 exchange.”