Costa Mesa’s SoCo Trades in Deal Valued At $100M
It is one of the largest single asset retail trades this year, according to Eastdil Secured.
Continental Realty Corporation has entered the Southern California retail real estate market with its acquisition of the South Coast Collection (SoCo) in Costa Mesa.
SoCo is a 97% leased, 292,000 square foot luxury home furnishing and design lifestyle center, with a 60-store tenant mix featuring design, home furnishings, fashion, and culinary retailers. Christopher Hoffman and Mark Damiani of Eastdil Secured represented the seller.
They noted in a closed deal announcement that, with a value exceeding $100 million, this transaction is one of the largest single asset retail trades this year and is further validation of the strength of urban / infill retail investment opportunities.
Constructed in 2007 and located at 3303-3323 Hyland Avenue in Orange County on a 20-acre site with 1,000 feet of frontage on the San Diego Freeway, SoCo is anchored by COCO Republic, Design Within Reach, Roche Bobois, Pirch, and Paul Mitchell the School, with additional retailers including Brown Jordan and Natuzzi Italia.
Contained within the property is The OC Mix, a 15,000 square foot shopping and dining experience featuring more than 20 full-service sit-down restaurants, coffee shops, quick service restaurants, a fine cheese retailer and an art gallery.
The OC Mix is ranked in the top 10 percent nationally for foot traffic, according to Placer.ai.