IRA Capital has sold a two-tenant triple-net-leased property in Santa Ana, California, containing Burlington Coat Factory and Aldi to a local private investor for $20.1 million.
The property is located at the intersection of Segerstrom Avenue and Bristol Street, less than a mile from South Coast Plaza, a shopping center with annual sales of more than $1.5 billion. Nearby retailers include Food 4 Less, Target, Vons, T.J. Maxx, Nordstrom, Bloomingdale’s, Burberry, Saks Fifth Avenue, Macy’s, and Bed, Bath, & Beyond. Within a five-mile radius the daytime, working population is 844,700 and the average annual household income is $88,115.
Mark Thiel, SVP investments in Marcus & Millichap’s San Diego office, represented the seller and, with senior associate Adam Attia, procured the buyer. “The property was recently renovated, and both tenants have entered new long-term leases,” Thiel says.