- What A grocery-anchored shopping center in Orange County is up for grabs
- Why Bids could come in around $146 million
- What next JLL is touting the property’s 96% occupancy and the chance to raise rents
Barings is marketing a grocery-anchored shopping center in Southern California that is worth about $146 million, as big retail listings in the region continue to flow, Green Street News can reveal.
The 253,000 sq ft Seacliff Village, in Huntington Beach, is 96% leased with a weighted average remaining term of 4.7 years. At the estimated value, a buyer’s initial annual yield would be 5.3%. JLL has the listing.
The marketing campaign is touting the property as offering a strong rent roll, stability and cashflow, with the opportunity to raise rents upon rollover. In-place rents average 12% below market rates.
National retailers make up 72% of the rent roll, including the grocery anchor, Albertson’s. Other tenants include Starbucks, McDonald’s, Chevron, Chipotle, Chase, PetSmart, LA Fitness, Panera Bread and Del Taco. The center has 1,317 parking spaces.
Seacliff Village is on 27 acres at the intersection of Yorktown Avenue and Main Street. There are 25,000 residents with an average household income of $169,000 living within a mile, and the average home value in that area is $1.4 million.
The center was built in 1978 and was renovated in 2016. Charlotte-based Barings, then operating as Cornerstone Real Estate Advisors, purchased it for $57 million in 2002.
The listing is at least the second big retail listing to emerge in Southern California this month.
As previously reported, Dallas-based Dunhill Partners is marketing a grocery-anchored lifestyle center in the Inland Empire that could command $175 million. CBRE has the listing for that property, Shoppes at Chino Hills in Chino Hills. A trade at the estimated value would mark the largest single-property shopping center trade in California so far this year, according to Green Street’s Sales Comps Database.