BUENA PARK, CA—Coventry Real Estate Advisors has sold Buena Park Downtown, a 535,000 square foot region mall in Orange County to Newkoa LLC for $85 million.
CBRE's Philip Voorhees represented Coventry Real Estate, while Timothy Bower and Johnny Choi represented the buyer.
The mall is currently 93% leased to such recognizable tenants as DSW, TJ Maxx, Bed Bath & Beyond, 24 Hour Fitness and Metroplex Theaters. The mall's other anchor tenants, not included in this transaction, are Sears and Walmart.
"We are excited to have assisted our clients in this complex transaction," said Bower. "This mall is home to very recognizable names and to many internet-resistant tenants such as restaurants and other experiential-oriented retailers. Well-positioned with a solid following from the local affluent customer base, the center is positioned for continued future growth."
The repositioned site at 8308 on the Mall in Buena Park is only one of five regional malls in Orange County, a market ranked by Forbes among the top 50 economically flourishing metro areas.
Buena Park Downtown is adjacent to Knott's Berry Farm, which attracts about 3.7 million annual visitors and is within 1-1/2 miles of Interstate 5.
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.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
