Cadence Capital Investments and Oakwood Real Estate Partners sold a 61,500-square-foot shopping center in Santa Ana for $36.5 million.
An affiliate of the Colorado-based real estate investor sold the 55-year-old Bristol Place at 3310-3398 South Bristol Street, Orange County Register reportsThe seller, a private investor in Newport Beach, has not been named.
Target’s retail center is less than a mile from South Coast Plaza.
It’s also just north of Related Bristol, where Related California plans to redevelop Metro Town Square at 3694 South Plaza Drive, which will include thousands of homes, offices, shops, restaurants and a hotel on 42 acres. Based in Irvine, Related California is a subsidiary of New York-based Related Companies.
Bristol Place was remodeled in 2019 for $4.6 million and is 89% leased. The remodel added an outdoor patio, additional power, new HVAC unit, new roof and an undisclosed amount of new storefronts.
Hanley Investment Group Real Estate Advisors represented the seller. Selling price is $593 per square foot.
“We received 13 qualified offers from private and institutional investors,” Hanley executive vice president Kevin Fryman said in a statement. “To secure a deal in this volatile debt environment, we have negotiated that the buyer will waive their contingency fee pending loan approval.”
Last fall, Related submitted plans to replace the 460,000-square-foot Metro at Bristol Street and MacArthur Avenue with 3,750 apartments, 200 senior housing units, 350,000 square feet of offices, shops and restaurants, and a 250-room hotel Town square.
Related could break ground in 2026 and complete the project in stages by 2036, pending approval.
— Dana Bartholomew