Fortress Investment Group and DJM Capital Partners sold a 65,100-square-foot shopping center in Huntington Beach for $29 million.
Real estate investors in New York and San Jose sold Adams Marketplace, based on the Smart & Final supermarket at 9062 Adams Avenue, According to the Orange County Registerciting JLL Capital Markets.
The price was calculated at $445 per square foot.
The 5-acre L-shaped mall was purchased by an unidentified Orange County investor, according to JLL.
Built in 1974 on 5.6 acres on Adams and Magnolia Streets, the center was renovated last year.
The property is 98% leased to tenants including Petco, Starbucks, MemorialCare Medical, Wingstop, 76 Gas, Jiffy Lube and Carl’s Jr.
“Adams Market is further evidence of today’s strong desire for well-located suburban, grocery-focused shopping centers among investors today,” JLL managing director Bryan Ley said in a statement. This sale is one of the largest retail transactions to date in Orange County in 2023, with numerous investors vying for the asset during our marketing process.”
— Dana Bartholomew
