DJM Capital Partners JV Sells Orange County Retail Center for $29M

Adams Marketplace. Image courtesy of JLL Capital Markets

Fortress Investment Group and DJM Capital Partners have sold Adams Marketplace, a 65,116-square-foot grocery-anchored retail center in Huntington Beach, Calif., with the assistance of JLL.

A private Orange County-based buyer acquired the property for $29.2 million, financing the purchase with a $17.7 million loan from Mutual of Omaha, according to CommercialEdge data. The property previously changed hands for $26.5 million in 2022.

A JLL Capital Markets Investment Sales Advisory team brokered the current transaction, with Managing Directors Bryan Ley, Gleb Lvovich and Geoff Tranchina, Director Tim Kuruzar and Senior Director Daniel Tyner working on behalf of the seller.

A 98 percent-leased retail asset

Completed in 1974 and renovated in 2022, Adams Marketplace comprises three buildings spread across a 5.6-acre site. Anchored by Smart & Final Extra, a major grocery destination in the area, the retail center has a diverse mix of local and national tenants such as Starbucks, Petco, Wingstop, MemorialCare Medical, WELLBEE, Jiffy Lube and Carl’s Jr. The asset was 98 percent leased at the time of sale.

Located at 9062 Adams Ave., the retail center is in an area where the average household income exceeds $157,000 within a 1-mile radius and serves approximately 400,000 people within a 5-mile radius, according to JLL. The property is roughly 7 miles from another retail asset that recently sold in Orange County’s first shopping center transaction above $20 million since October of last year.