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California  + Orange County  + Retail  | 

Costa Mesa’s The Triangle Trades for $56M

An Orange County-based partnership led by Greenlaw Partners divested The Triangle, a 204,523-square-foot coastal dining and entertainment lifestyle center in Costa Mesa, CA. Westwood-based Unimat Commercial Inc., a Los Angeles-based family office syndicate, paid $55.7 million, representing a high 6% cap rate.

CBRE National Retail Partners West’s Philip D. Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read represented the seller.

Voorhees says, “In terms of location, visibility and traffic counts, The Triangle is unrivaled in Orange County.”

The asset is anchored by a collection of restaurants led by Yard House, Time Nightclub, a flagship 24 Hour Fitness, Tavern & Bowl, and a nine-screen Triangle Cinemas. The property was approximately 94% occupied at the time of sale.

Built in 1992-1993, with an extensive remodel completed in 2012-2013, The Triangle is a wholly-owned, 4.68-acre site situated at the base of the 55 freeway.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.