Sarofim Realty Advisors, a Dallas-based investment advisor, has sold Bristol Center, a community shopping center in Santa Ana, California, to Orange County-based real estate investment company JH Real Estate Partners for $46.46 million. The center is 97 percent leased to such national- and regional-credit tenants as CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle, and Firestone Auto Care.
Built in 1974, Bristol Center is a 165,508-square-foot property situated on 14.18 acres of leased-fee land at 3601-3825 S. Bristol Street in Santa Ana, directly across from South Coast Plaza.
CBRE EVP Philip D. Voorhees’ NRP-West team of retail experts including Preston Fetrow, Kirk Brummer, Megan Wood, and Sean Heitzler represented the seller and the buyer in the transaction. Sarofim purchased the property as an addition to its portfolio.
“Many of the best retail properties are on leased land due to their exceptional location,” Voorhees says. “With proximity to world-renowned South Coast Plaza, Bristol Center demonstrates that best-in-class community centers in premier locations like Orange County continue to generate strong investor demand.”
Brummer adds, “The property’s ideal Bristol Street location across from South Coast Plaza, strong historical occupancy, improving tenancy, and upward-trending rents in this highly dense and affluent trade area make it a very attractive acquisition for the buyer.”
According to Heitzler, CBRE’s marketing efforts produced more than 376 confidentiality agreement/offering memoranda distributed and through the team’s “managed-bid” offer process, generated multiple offers to purchase the property.