Orange County value-add retail center sells for $39.5m
Gerrity Group has sold Gateway Center, a 79,001-square-foot retail destination in the Orange County community of Mission Viejo, Calif., for $39.5 million.
DJM Capital, a San Jose–based investor with $2 billion assets under management, acquired the asset.
Completed in 1979, Gateway Center is leased to a synergistic mix of national and local tenants, including Starbucks, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The diverse combination of daily needs and service-oriented tenants attract a large customer base from an extended trade area, as more than 55.39 percent of center visitors travel more than three miles to the property and spend an average visit time of 78 minutes.
Gateway Center is housed on 7.35 acres at 23972–24042 Alicia Parkway in the heart of affluent, master-