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The Anaheim GardenWalk traded hands for $80 million last week, a significant discount-to-replace price tag on a value-add play with strong upside opportunity. The 430,000-square-foot property was built a decade ago for $284 million, and houses ample experience- and entertainment-focused tenants, like Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, Cheesecake Factory, P.F. Chang’s, and California Pizza Kitchen, as well as the House of Blues, which recently relocated to the property.

“Buying well-positioned real estate inside the Anaheim Resort District at a substantial discount to replacement cost is prudent,” Jimmy Slusher, a VP at CBRE National Retail Partners West, tells GlobeSt.com. “GardenWalk was originally built in 2007-2008 at a cost of nearly $284 million. Now that House of Blues has relocated to the property, AMC Theatres is set to open soon and the JW Marriott is vertical with construction, the opportunity to continue improving the site and further capitalize on the leasing momentum could not have been better timed.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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