Buena Park Downtown
Summary
Acquisition – November 2004
Location – Buena Park, CA
Value-Add Opportunity – Asset Re-positioning
Size – 729,586 sq. ft.
Total Project Cost – $107.1 million
Opportunity
- Urban in-fill retail location in a densely populated trade area
- Lease up potential amongst strong anchor tenants and strong sales trends
- Below-market rents
- Institutional asset with limited direct competition
- Ability to sell power center and mall separately to enhance overall value
- Non-strategic owner
Value Added
- Leased final anchor space in the strip center (Buena Park Place)
- Created and leased outlot (Portillo’s)
- Replaced Burlington Coat with Steve & Barrys and 24 Hour Fitness
- Working with several office and entertainment tenants to take all of
lower level - Improved occupancy by 5% and NOI by $1.37 million to date