Newport Beach, Calif. (March 20, 2020) – SRS Real Estate Partners’ National Net Lease Group has completed the $5.35 million sale of Harbor Pacific Court, an 11,771-square-foot, multi-tenant retail center located at 2346 Newport Boulevard in Costa Mesa, CA. The center is 91 percent occupied by eight tenants including anchor tenant, Circle K.
Michael Walseth, a Senior Vice President with SRS’ National Net Lease Group, represented the seller, a Los Angeles-based private investor, as well as the buyer, an Orange County-based private investor who paid all cash. The closing cap rate was 4.5 percent 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.”
Situated on .88 acres, the center is located at the signalized intersection of Newport Boulevard and Wilson Street which are two major thoroughfares within Costa Mesa. It is also positioned along the 55 freeway 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.
SRS’ National Net Lease Group, with more than $1.5 billion in assets currently listed for sale, successfully completed more than 400 transactions in 2019, across 35 states nationwide.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.