News Summary
A retail center in Costa Mesa, known as Westport Plaza & Square, has been sold for $25.7 million to Asana Partners. The property spans nearly 40,000 square feet and was 97% leased at the time of sale. This marks Asana Partners as the first institutional investor in this retail corridor, demonstrating its long-term value. The transaction was facilitated by CBRE’s National Retail Partners-West team. Furthermore, Triangle Square, another retail complex in Costa Mesa, is set to be featured on the Travel Channel, highlighting the area’s vibrant retail landscape.
Costa Mesa
A retail center in Costa Mesa has been sold for $25.7 million to Asana Partners, a real estate investment firm based in Charlotte, North Carolina. The property, known as Westport Plaza & Square, spans nearly 40,000 square feet and is located at 369 E. 17th St. and 1685 Tustin Ave. The retail center was 97% leased at the time of the sale, highlighting its desirability as an investment location.
The seller of the property was Space Investment Partners, based in Newport Beach. The transaction was facilitated by the CBRE’s National Retail Partners-West team, with brokers Jimmy Slusher, Megan Lanni, and Shaya Northrup involved in the deal.
Asana Partners marks a significant presence as the first institutional investor in this retail corridor, underlining the area’s long-term value and investment potential. Notable tenants at Westport Plaza & Square include well-known establishments such as Plums Café & Catering, Fleur De Lys, and Crumbl Cookies, further demonstrating the retail center’s appeal.
Triangle Square Gains National Attention
In addition to the recent sale, the Costa Mesa retail landscape is poised to gain national attention as the Triangle Square retail complex will be featured in an upcoming segment on the Travel Channel. The segment will air at 7 a.m. and is hosted by Holly McDonald, a local real estate agent. Triangle Square, which encompasses 200,000 square feet, will showcase a variety of dining and entertainment venues.
Featured establishments in the Travel Channel segment include the upscale steakhouse Westwood Coast, along with other popular spots like Prince Street Pizza, La Vida Cantina, Cafe Sevilla, and Tavern & Bowl. McDonald has been producing a series highlighting local neighborhoods and businesses on the show “American Dream,” focusing on trendy local spots and community events.
Renovation and Renaissance
Triangle Square has undergone numerous changes since its inception in 1992 and is in the midst of a renaissance period. Even before the pandemic, the property saw upgrades, though the COVID-19 outbreak impacted its developmental progress. Despite challenges, the revitalization efforts are garnering attention, with property manager Charity Dahlke remarking on the property’s transformation.
As demand for experiences and dining options increases, Michael Ruiz, General Manager of Westwood Coast, notes the rising popularity of Western-themed entertainment in the area, indicating a shift that may attract both locals and visitors to the complex.
The acquisition of Westport Plaza & Square and the impending feature of Triangle Square on national television demonstrate the evolution and appeal of the retail sector in Costa Mesa. Area businesses are motivated to adapt and enhance their offerings, suggesting a bright future for the commercial landscape.
With a combination of ongoing revitalization and increased visibility, Costa Mesa is working to reclaim its status as a premier retail destination, potentially drawing even more attention and investments in the coming years.
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Additional Resources
- Los Angeles Times: Triangle Square Features
- Shopping Center Business: LAB Additions
- Orange County Register: The LAB Update
- Business Wire: Garden Show at South Coast Plaza
- Connect Commercial Real Estate: Retail Transformation
