The deal closed within 30 days of the property being placed on the market, according to Jeff Demorest of Daum Commercial Real Estate Services, who represented Bridgecreek. The buyers were Jeffrey and Catherine Wayman, who represented themselves.
The property is called Bolsa Magnolia Center and is on more than an acre of land at 9039 Bolsa Ave. It is about 60% office and the rest retail, according to Demorest. The shopping center was developed in 1990 by Bridgecreek and is of wood frame and stucco construction, with on-site parking. It is part of a Little Saigon retail district that has become one of the most popular shopping destinations in Orange County and is widely listed in travel and tourism guides.
Bridgecreek Development is part of Bridgecreek Group Inc., which was founded by chairman Frank Jao, a Vietnamese immigrant who began developing commercial properties in 1979. Bridgecreek now owns more than 1.5 million sf of commercial space valued at several hundred million dollars.
Bridgecreek's projects include its flagship Asian Garden Mall, an indoor retail complex of more than 300 stores in Little Saigon, a three-mile corridor on Bolsa Avenue that got its start when a huge wave of Vietnamese immigrants fled their homeland in 1975, settling in Orange County because they came into the United States via the nearby Camp Pendleton Marine Corps base. Bridgecreek's Asian Garden has become both a tourist destination and a cultural and social center for the Vietnamese and other Asians in Southern California.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
