Stockbridge Real Estate has acquired the Edinger Plaza shopping center in Huntington Beach from Watt Cos. for $65.6M, according to the Orange County Register, citing CoStar records.
The $65M price tag is the highest price paid for a retail property in Orange County this year, brokers involved said, and tops the sale price of the 165K SF Bristol Center in Santa Ana, which sold for $46.5M in June.
“With this acquisition, Stockbridge acquired one of Huntington Beach’s dominant shopping centers in a dynamic, affluent, infill coastal trade area,” CBRE associate Jimmy Slusher said in a news release. Slusher was one of the brokers involved in the deal.
CBRE’s National Retail Partners-West team, composed of Vice President Philip D. Voorhees and associates Megan Wood, Sean Heitzler and Slusher, represented Watt Cos. and Stockbridge.
Built in 1976 by Watt Cos., the 155K SF shopping center at 7490-7664 Edinger Ave. is 99% leased to Nordstrom Rack, Dick’s Sporting Goods, PetSmart, Michaels and others. Watt Cos. redeveloped the property in 2012.
The retail center received more than 400 confidentiality agreements and offering memoranda that generated multiple offers for the property, according to CBRE. The strong interest and competition for Edinger Plaza highlights investors’ appetite to own high-performing retail assets in a great location, the brokerage said.
“Edinger Plaza enjoys one of the best retail locations in Orange County, across the street from Bella Terra and with proximity to Costco and hundreds of residential units,” Voorhees said in a news release. “All the project’s anchor tenants produce strong if not exceptional sales volumes. This transaction winds down a long-standing, successful partnership, and kicks off a tremendous opportunity for Stockbridge."
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