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3303 Hyland Avenue

Continental Realty Corp Acquires 292K SF South Coast Collection Retail Center In Costa Mesa For $110M
SOLDRetail

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

Christopher Hoffmann

Broker

$660.1M

vol

3 deals

Broker
JM Schapiro

JM Schapiro

Continental Realty Corp.

Buyer

$396M

vol

12 deals

Buyer

Scott Burnham

Burnham Ward Properties

Seller

$117.6M

vol

2 deals

Seller

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