BUENA PARK, CA-Red Mountain Retail Group of Santa Ana has sold its 103,973-sf Buena Park Promenade, a former Kmart site that the company converted to a specialty neighborhood center, to a private family trust for $23 million. The center occupies the northwest corner of the intersection of Lincoln Boulevard and Valley View Street.
Dixie Walker and Charley Simpson of the Newport Beach office of Grubb & Ellis, who represented the seller, report that plans call for the continued expansion of the center with the addition of shop space and pads, including a freestanding Starbucks pad that Grubb & Ellis is marketing.
In converting the former Kmart site, Red Mountain brought in tenants including Marshall's, Jo-Ann Fabrics and dd's Discounts. In addition to those tenants and Starbucks, other occupants of the center include Washington Mutual, Panda Express, Subway and Cingular Wireless, but those tenants occupy parts of the center that were not part of the sale.
The sale of the property follows a lease-up by Mark Baziak and Dan Samulski of the Newport Beach office of Grubb & Ellis, who marketed the space on behalf of Red Mountain. In the sale to the private investor, Steve Daneman with Daneman Realty Inc. represented the buyer.
The redevelopment that created the Buena Park Promenade typifies a significant portion of the development that is taking place in Orange County these days, according to a recent market report from Grubb & Ellis. "The lack of land [in Orange County] has developers passing up new projects in favor of redeveloping older centers into urban, mixed-use properties," the report said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.