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MISSION VIEJO, CA-Mission Viejo’s Kaleidoscope shopping center, which was put up for sale in Autumn 2000, has been sold for $28 million. Completed in 1998, the complex was originally valued at more than $50 million.

Encompassing 221,190 sf, the lifestyle and entertainment center was 70% leased at time of sale. Tenants include Edwards Theatres, Bristol Farms, El Torito Grill, Islands Restaurant and Zany Brainy.

Kaleidoscope has been sold by Samsung PDP Kaleidoscope of La Mirada and Korea. Samsung, as well as the buyer, LA-based investment group Kam Sung Co., were represented by Dixie Walker and Michael Randall of Grubb & Ellis’ Newport Beach office.

The county’s retail market has taken a battering over the past several months, as consumer sales have slowed and operating costs have soared, sending some retailers into bankruptcy. As a result, vacancies have risen and some retail centers are not faring well, as the competition for potential tenants intensifies. Meanwhile, more than two million sf will be dumped on the county’s retail market in 2001, as approximately 2.9 million sf of retail space will be completed in Orange County this year, according to a recent report by Marcus & Millichap.

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