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An 853K SF Huntington Beach retail center is hitting the market and could command as much as $300M, according to Real Estate Alert, a Green Street publication.
Eastdil Secured is marketing the property on behalf of the owners.
PGIM and DJM Capital's Bella Terra is 96.8% leased, according to Real Estate Alert. The property is being marketed as a retail center among the top 1% of shopping centers by foot traffic, according to Real Estate Alert. Ninety-two percent of the property is leased to national retailers, and the average tenant stays for more than 14 years, Real Estate Alert reported, citing marketing materials.
Whole Foods serves as the grocery anchor at Bella Terra, and Costco has a ground lease for its big-box store at the property. The Cheesecake Factory, Kohl’s, REI and Ulta Beauty are also tenants.
In 2022, the property received entitlements to demolish about 180K SF of existing retail space to build a new retail and residential component with 300 residences.
If Bella Terra sold for $300M, it would be "one of the biggest single-asset trades of a U.S. retail property within the past four years," Real Estate Alert noted.
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