Anaheim center is sold for $80 million
A partnership of Californian and Taiwanese investors have acquired Anaheim GardenWalk, a destination open-air center within walking distance of Disneyland and the Anaheim Convention Center.
CBRE vice chairman Philip Voorhees and retail experts from the company’s NRP-West team brokered the $80 million deal on behalf of the seller, a partnership between New York-based real estate operator and manager Arcturus and two private equity investors.
STC Management made the acquisition on behalf of the investors.
“The potential to add tremendous value remains at GardenWalk,” said Voorhees. “STC Management possesses the tenant relationships and management expertise to rapidly transform this heavy value-add acquisition.”
The 430,000-sq.-ft. open-air property was erected in 2007 as an adult dining and entertainment alternative to Disneyland. GardenWalk is currently undergoing updates that will classify it as a true mixed-use property.
A 466-unit JW Marriott hotel that is not part of the deal is currently under construction, and there are plans for a 400-unit hotel to be constructed on a lot adjoining the center.
GardenWalk tenants include House of Blues, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, Cheesecake Factory, P.F. Chang’s, and California Pizza Kitchen.
“The potential to add tremendous value remains at GardenWalk. STC Management possesses the tenant relationships and management expertise to rapidly transform this heavy value-add acquisition,” Voorhees said.
The new owners recognized strong potential for expansion at GardenWalk, according to CBRE.
“Landmark properties such as GardenWalk only exist around iconic, historical locations like Disneyland; it’s a rare opportunity to own them at a discount to the construction cost,” said NRP-West’s Jimmy Slusher.
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CBRE vice chairman Philip Voorhees and retail experts from the company’s NRP-West team brokered the $80 million deal on behalf of the seller, a partnership between New York-based real estate operator and manager Arcturus and two private equity investors.
STC Management made the acquisition on behalf of the investors.
“The potential to add tremendous value remains at GardenWalk,” said Voorhees. “STC Management possesses the tenant relationships and management expertise to rapidly transform this heavy value-add acquisition.”
The 430,000-sq.-ft. open-air property was erected in 2007 as an adult dining and entertainment alternative to Disneyland. GardenWalk is currently undergoing updates that will classify it as a true mixed-use property.
A 466-unit JW Marriott hotel that is not part of the deal is currently under construction, and there are plans for a 400-unit hotel to be constructed on a lot adjoining the center.
GardenWalk tenants include House of Blues, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, Cheesecake Factory, P.F. Chang’s, and California Pizza Kitchen.
“The potential to add tremendous value remains at GardenWalk. STC Management possesses the tenant relationships and management expertise to rapidly transform this heavy value-add acquisition,” Voorhees said.
The new owners recognized strong potential for expansion at GardenWalk, according to CBRE.
“Landmark properties such as GardenWalk only exist around iconic, historical locations like Disneyland; it’s a rare opportunity to own them at a discount to the construction cost,” said NRP-West’s Jimmy Slusher.
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