Orange County’s commercial real estate landscape has seen notable activity recently, with local and regionally connected firms engaging in significant investments in both retail and industrial properties. A nearly fully leased shopping center in Huntington Beach has traded for $56.2 million.
Los Angeles-based Westwood Financial purchased the Peninsula Marketplace, a 95,416-square-foot retail center. The property, located at 19051-19101 Goldenwest Street, 19021-19035 Goldenwest Street, and 19125 Goldenwest Street, was sold by Perform Properties, a Blackstone-affiliated company, according to CoStar.
Peninsula Marketplace is reported to be 99% leased and is anchored by a Ralphs grocery store, which has operated at this location for over two decades. Other tenants at the center include Planet Fitness, Carl’s Jr., Woof Gang Bakery & Grooming, Sourdough & Co., Rubio’s Baja Grill, and 602 Coffee & Acai. Westwood stated that the center, situated less than two miles from the beach, attracts more than 1.5 million visitors each year.
Lauren Ball, Westwood’s Chief Operating Officer, noted that "Grocery-anchored retail has been a key driver of Westwood’s success for nearly 60 years." K.C. Bills, Chief Executive, described Peninsula Marketplace as a "rare opportunity" to acquire a high-performing center within a market experiencing limited supply. Bills pointed to the center's established grocery anchor, strong tenant performance, and few nearby retail options as key factors. The seller was represented by the JLL Capital Markets team, including Senior Managing Directors Geoff Tranchina and Gleb Lvovich, and Managing Director Daniel Tyne.
Further inland, Lincoln Property Company, which maintains offices in Newport Beach, has paid $74.7 million for a six-building industrial park in Jurupa Valley. This acquisition is described as part of an ongoing trend where Orange County companies are investing in smaller and medium-sized industrial buildings. Dallas-based Lincoln Property bought the Bellegrave Business Park from AEW Capital Management.
The industrial park comprises approximately 326,900 square feet across its six properties, situated at 10290-10317 Birtcher Drive in Jurupa Valley, about ten miles southeast of the Ontario International Airport. CoStar records indicate the price per square foot was approximately $229. Cushman and Wakefield’s Jeffrey Cole and Nico Napolitano represented the seller in the transaction. CoStar records also show that Lincoln financed the purchase with a $30 million loan from Allianz Life Insurance Co. of North America.
Lincoln Property officials stated that the 18.5-acre property, built in 2009, is fully leased to six tenants. The standalone buildings range in size from 35,000 to nearly 72,000 square feet, with an average size of about 54,500 square feet. Lincoln officials also indicated the property was acquired for a separate account client and that the six tenants have an average of about 1.9 years remaining on their leases.
Jeffrey Cole, representing Cushman and Wakefield, explained that the deal underscores investors' increasing interest in "mid-bay" industrial buildings, defined as those between approximately 25,000 and 100,000 square feet. Cole told the Business Journal that the "significant demand for what we term mid-bay industrial product” is a major draw, noting that this product type "has weathered some of the downturn better than other product types.” He contrasted this with larger warehouses, typically 100,000 to 200,000 square feet, which he said have faced more challenges. Cole observed that some larger deals, those exceeding 200,000 square feet, "have struggled during the last couple of years.”
