The Secret Behind Iconic Retail Assets' Longevity

Voorhees: “Family-office investors tend to take a very long-term approach to running assets they intend to hold indefinitely. Accordingly, they can spend capital and structure leases in ways that a time-constrained, institutional investor cannot.”

IRVINE, CA—Retail first remains relevant by adjusting its tenant mix and second, by updating its physical plant, CBRE EVP Phil Voorhees tells GlobeSt.com. Voorhees and his National Retail Partners-West team recently completed the sale of the Triangle, a 204,523-square-foot coastal dining and entertainment lifestyle center in Cosa Mesa, CA, on behalf of the seller, a partnership led by Greenlaw Partners.

The Triangle is anchored by the numerous restaurants including Yard House; the nightclub Time; a flagship 24-Hour Fitness location; Tavern & Bowl; and the nine-screen Triangle Cinemas. The iconic property sold to a Los Angeles-based family-office syndicate for $55.7 million, representing a high 6% cap rate. The property was approximately 94% occupied at the time of sale.