Orange County shopping center sells for $23.5M

NEWPORT BEACH, Calif., Feb. 24, 2022 – JLL Capital Markets announced today that it has closed the $23.5 million sale of Goldenwest & Bolsa, a 63,269-square-foot shopping center in the Orange County community of Huntington Beach, California.

JLL marketed the property on behalf of the seller, a private equity fund. A local, private investor acquired the asset.   

Goldenwest & Bolsa was constructed in 1974 and is 95.4 percent leased to a diverse mix of daily needs and internet-resistant tenants. Spanning 6 acres at 15031 Goldenwest St., the center is at the high-traffic intersection of Goldenwest Street and Bolsa Avenue in Huntington Beach, a supply constrained Orange County community. Goldenwest & Bolsa is across the street from the Westminster Mall mixed-use project adding up to 1,000 new residential units to the immediate area that already includes 218,439 residents within a three-mile radius with annual household incomes exceeding $105,000. Additionally, the five miles surrounding the property welcomes a daytime population of 475,370.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Gleb Lvovich and Geoff Tranchina as well Senior Director Daniel Tyner.  

“The sale of Goldenwest & Bolsa represents robust interest in value-add retail/repositioning sites, especially in dense, infill trade areas in Southern California,” Lvovich said. “With 91 percent of the tenancy expiring in two years and no options remaining, the property is a blank canvas for a multitude of uses. We saw robust bidding from investors with various real estate specialties.”

“It is rare we see properties of this size located in coastal communities of Orange County come to market,” Tyner added. “Investor interest in Goldenwest & Bolsa further confirmed the strong demand for infill centers with long-term upside in Southern California.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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