Westport Pays $22M for Foreclosed Retail Center

MISSION VIEJO, CA-Westport Capital Partners has acquired the 220,000-square-foot Kaleidoscope Retail Center from the property’s special servicer, C-III Asset Management LLC (formerly known as Centerline) for $22 million in an all-cash transaction. Dixie Walker, executive vice president  in the Financial Services Asset Management Group at Grubb & Ellis Co. who represented both the buyer and the seller, tells GlobeSt.com that the sale was one of the first significant retail foreclosures in Orange County.

Walker, who also brokered the foreclosure sale of the 300,000-square-foot South Coast Home Furnishings Centre in Costa Mesa last year, tells GlobeSt.com that the Kaleidoscope sale was also unusual in that it was contemplated first as a sale out of receivership, then a note sale, before finally becoming a foreclosure sale.