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.
For comments, questions or concerns, please contact Dennis Kaiser