SITE Centers Sells Orange County Shopping Center

An ALDI store anchors Buena Park Place. Image courtesy of JLL Capital Markets

SITE Centers Corp. has sold Buena Park Place, a 208,572-square-foot grocery-anchored shopping center in Buena Park, Calif. The Orange County asset was fully leased at the time of sale.

JLL Capital Markets brokered the transaction. Managing Directors Bryan Ley, Gleb Lvovich and Geoff Tranchina, together with Senior Director Dan Tyner and Director Tim Kuruzar, led the Investment Sales Advisory team that worked on behalf of the seller.

Completed in 1961, Buena Park Place underwent a cosmetic renovation in 2016. Anchored by ALDI and shadow-anchored by Carl’s Jr. and Starbucks, the retail center has a diverse mix of local and national tenants such as Kohl’s, PetSmart, ULTA, Planet Fitness, Michael’s, Dollar Tree, Chick-Fil-A, Blaze Pizza, Panda Express and ONO Hawaiian BBQ.

Located at 8191-8371 La Palma Ave., Buena Park Place ranks in the top 6 percent of shopping centers nationwide with 3.9 million annual visitors. The property is close to the intersection of Interstate 5 and CA-91 Freeway, which provide easy access to Los Angeles and Santa Ana, Calif.

Buena Park Place is in an area where the daily traffic count reaches approximately 263,800 vehicles. The retail center serves around 626,520 individuals within a 5-mile radius, with the average household income exceeding $103,000.

SITE Centers has recently sold Melbourne Shopping Center, a 211,006-square-foot Publix-anchored retail center in Melbourne, Fla. JLL Capital Markets represented the seller, procured the buyer and arranged the acquisition financing.