NEWPORT BEACH, Calif., Jan. 20, 2022 -JLL Capital Markets announced today that it has closed the $85.7 million sale of Brea Gateway Center, a 181,891-square-foot, top-tier grocery- and drug-anchored retail center in the Orange County community of Brea, California.
JLL marketed the property on behalf of the seller, an institutional investor. Brixmor Property Group purchased the asset.
Anchored by a top-performing Ralphs and Rite Aid, the 97.9-percent-occupied Brea Gateway Center is also home to a curated mix of nationally recognized, daily-needs and internet-resistant tenants that include HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell, Panda Express and more.
Brea Gateway Center comprises 13 parcels on 12.5 acres at 101-407 W. Imperial Highway within one of Brea's main economic centers that welcomes approximately 173,841 daytime employees within a five-mile radius. The center also has prominent visibility at its position along the high-traffic Imperial Highway, which has a daily traffic count of 64,646 vehicles a day. This dense and affluent Orange County trade area includes more than 134,290 residents with an average annual household income of $91,069 within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Gleb Lvovich, Bryan Ley and Geoff Tranchina and Senior Director Daniel Tyner.
"We are pleased to have represented ownership on the sale of such a rare asset that they've owned for over 25 years, and, at the same time, help Brixmor continue to grow their West Coast portfolio," Lvovich said. "Infill grocery- and drug-anchored retail with full site control is the gold standard for investors, and the resulting sale demonstrates the strong demand for assets in this category."
"It's rare to see an asset of this quality level trade in Orange County," Tranchina added. "Downtown Brea is one of the most dynamic destinations in the region, and, as the gateway property, will provide Brixmor strong tailwinds for future leasing demand."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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