Anaheim-area center sold for $66 million
The 200-year-old real estate investment company that financed the Louisiana Purchase has acquired Village Center at Rose, a Ralph’s-anchored shopping center outside of Anaheim.
Barings, a $500 billion global asset manager that partners with institutional, insurance and wealth clients purchased the center from First Washington Realty in a sale arranged by CBRE.
Built in 1996, Village Center at Rose sits on approximately 10 acres at the northeast corner of North Rose Drive and Alta Vista Street in Placentia, Calif. Ralphs, which has operated at the center since it opened, occupies 37% of the gross leasable area. Eighty percent of the center’s existing tenants have occupied the property for more than 10 years.
The center’s shop and pad tenants include Jersey Mike’s Subs, The UPS Store, Cold Stone Creamery, WaBa Grill, Chase Bank, Carl’s Jr., Carbon Health, Phenix Salon Suites and Australian Swim School.
"The center serves a dense trade area with strong household incomes and limited new retail supply,” said Mark Damiani, a member of CBRE’s national retail partners team in the western region. “More than 147,000 people live within three miles of the center, and nearby new housing continues to add to the demand that Ralphs and the surrounding tenants serve."
Village Center at Rose occupies approximately 1,100 linear feet of frontage along North Rose Drive, which carries about 25,000 cars per day, and 480 linear feet along Alta Vista Street.
More than 372,700 people live within a five-mile radius, with an average household income of about $154,800. Nearby residential development includes Vista Rose, a 100-unit community.
“Our team’s leasing success over the past several years brought Village Center at Rose to full occupancy and strengthened the center’s position as an established neighborhood shopping destination,” said Sarah Ellis, First Washington’s managing director of investments.