IRA Capital sells 60,000 SF South Coast Metro Retail Center

IRA Capital IRAhas completed the repositioning and sale of a 60,000 SF retail center leased to Burlington and ALDI near South Coast Plaza.  At the time of IRA’s acquisition in 2015, the property was 100% occupied by Burlington with limited lease term remaining.  According to IRA partner Jay Gangwal, the company was attracted to the asset because of its strong retail location and high traffic count on the corner of Bristol Street and Segerstrom Avenue in Santa Ana. “We felt confident, based on our tenant relationships, that IRA could attract a long-term national retailer to this location.” Shortly after acquiring the property, IRA engaged with Burlington to extend its lease, and as part of the process renovated and downsized the store to a more current format.  IRA concurrently leased the newly available space to ALDI, which has been rapidly expanding its grocery chain presence throughout Southern California.

The property is located less than a mile from South Coast Plaza, the largest mall on the West Coast, with annual sales of more than $1.5 billion.  The transaction was brokered by Mark Thiel at Marcus & Millichap.  “The outcome was a win-win scenario for all the parties involved.  Burlington and Aldi complement each others’ respective businesses, and IRA was pleased to execute its business plan and generate strong returns for its investors” – Jay Gangwal.