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Orange County retail center trades for $85.7m
Brixmor Property Group has purchased Brea Gateway Center, a 181,891-square-foot, top-tier grocery- and drug-anchored retail center in the Orange County community of Brea, Calif., for $85.7 million.
JLL Capital Markets marketed the property on behalf of the seller, an institutional investor.
The asset is 97.9-percent occupied. It is occupied by Ralphs grocery store, Rite Aid, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express.
Brea Gateway Center comprises 13 parcels on 12.5 acres at 101-407 W. Imperial Highway within one of Brea’s main economic centers with 173,841 daytime employees within a five-mile radius. The center also has prominent visibility along the high-traffic Imperial Highway, which has a daily traffic count of 64,646 vehicles. This dense and affluent Orange County trade area includes more than 134,290 residents with an average annual household income of $91,069 within a three-mile radius.
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