Mike Freno Of Barings Acquires Village Center At Rose In Placentia For $66.2M

The transaction involved a retail asset located at 600-870 North Rose Drive in Placentia, California. The buyer, Barings, acquired the property for $66.2 million, translating to approximately $557 per square foot. The property encompasses 10.15 acres and features a total of 118,876 square feet of retail space. It is a fully leased shopping center, built in 1996, with Ralphs serving as its grocery anchor, occupying 37% of the center's leasable space. Notably, 80% of the tenants have been operating there for over a decade.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $66,200,000
• Address: 600-870 North Rose Drive
• Market: Placentia, CA
• Acres: 10.15
• Square Footage: 118,876
• Price Per Square Foot: $557
• Buyer: Mike Freno - Barings
• Seller: Alex Nyhan - First Washington Realty
• Brokers: Mark Damiani, Jimmy Slusher, James Tyrrell & Shaya McClanahan - CBRE

This transaction was facilitated by the CBRE brokerage team, comprised of Mark Damiani, Jimmy Slusher, James Tyrrell, and Shaya McClanahan, who represented the entire deal. The strategic acquisition enables Barings to enhance its retail portfolio with the Village Center at Rose, underscoring its commitment to investing in established grocery-anchored shopping centers.