Continental Realty Corporation has expanded into the Southern California retail property market with the acquisition of a 292,000sqft lifestyle centre.
The US real estate fund manager, investing on behalf of Continental Realty Opportunistic Retail Fund I (CRORF), has acquired the South Coast Collection (SoCo) in Costa Mesa, an asset 91传媒在线 understands is worth around $110m (鈧�103m).
The luxury home furnishing and design lifestyle centre with 60 stores is 97% leased.
Josh Dinstein, SVP of acquisitions at Continental Realty Corporation, said: 鈥淪oCo is the only shopping venue of its kind in an extensive, high net worth trade area. An irreplaceable asset strategically located in a top-tier infill urban market, it features an attractive, customer-friendly layout and a synergistic tenant mix that includes some of the nation鈥檚 top home design and furniture stores.鈥�
Dinstein said the asset鈥檚 鈥渋nstitutional quality and strong value-add potential鈥�, plus its location in the heart of Orange County, made it the perfect acquisition for Continental Realty鈥檚 entry into southern California.
Continental Realty Corporation鈥檚 CEO JM Schapiro, said: 鈥淲e believe in the enduring strength of the Southern California marketplace, and we are confident that the unique ecosystem at SoCo, low sub-market vacancy and lack of new supply are key factors that will enable us to execute our strategic plan to add value and deliver a solid risk-adjusted yield to our investor group.鈥�
The SoCo transaction is the second asset acquired by Continental Realty on behalf of CRORF this year, following a $78m deal to buy Lakeside Village, a nearly 460,000sqft regional lifestyle centre located east of Tampa, Florida.
CRORF targets diversified portfolio of distressed, opportunistic and value-add retail properties throughout the US.
With the latest transaction, Baltimore-based Continental Realty has now acquired nearly $740m worth of retail real estate over the past three years. The manager is active in 11 states, managing over $3.7bn assets.
To read the latest 91传媒在线 magazine click here.
