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.
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