Continental Realty Corp Acquires 292K SF South Coast Collection Retail Center In Costa Mesa For $110M
3303 Hyland Avenue & 3323 Hyland Avenue
$110,000,000
$188/SF
Building Size
584,000 SF
Asset Type
Retail
Closing
Nov 1, 2023
AI
Continental Realty Corp. (CRC) has acquired the 292,000-square-foot South Coast Collection retail center in Costa Mesa, California, for $110 million. The property is located at 3303-3323 Hyland Avenue and is situated on approximately 20 acres of land. It is a retail asset that features the OC Mix, which includes 20 restaurants. The property was 97% leased at the time of the transaction.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $110,000,000
- Square Footage: 292,000
- Address: 3303-3323 Hyland Avenue
- Market: Costa Mesa
- Acres: 20
The buyer of the property is Continental Realty Corp., represented by JM Schapiro. The seller is Burnham Ward Properties, represented by Scott Burnham. The brokers involved in the deal are Christopher Hoffmann and Mark Damiani from Eastdil Secured.
It is worth noting that CRC acquired the South Coast Collection retail center through its Opportunistic Retail Fund I.
Players
Costa Mesa Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93