Paularino Plaza Trades for the First Time in 50 Years
The sale of Paularino Plaza, a 9,582-square-foot retail center in Costa Mesa, marks the first new owner in its more than 50 year-history. Emerald Property Group purchased the property for $4.2 million.
Paularino Plaza is home to a variety of daily needs tenants including a 7-Eleven and Kona Cleaners. The center was constructed in 1972 and serves a dense trade area that includes 158,000 residents within a 3-mile radius.
The retail center is located at 675 Paularino Ave. at a high-traffic intersection of Bristol Street and Paularino Avenue, which exposes Paularino Plaza to more than 58,000 vehicles a day. Paularino Plaza is adjacent to South Coast Plaza, the highest-grossing shopping center in the United States with more than $1.3 billion in annual revenue.
JLL worked with the buyer to acquire the asset in an off-market transaction. JLL also represented the seller, A.F. Baker Properties, in the sale. The JLL team representing both parties was led by Daniel Tyner and Gleb Lvovich.
“It is rare properties like Paularino Plaza transact,” Tyner said. “The buyer was attracted to the property, as they are invested in the immediate trade area. We look forward to seeing the center continue to serve the community for many years to come.”