2/24/2009

Newport Beach retail center sells for $35M

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Newport Beach, Calif.-based Burnham USA Equities, Inc., and affiliate Burnham-Ward Properties have purchased South Coast Home Furnishings Centre out of receivership in Costa Mesa for approximately $35 million.

Dixie Walker, senior vice president with the Newport Beach office of Grubb & Ellis represented the receiver in the transaction.

Located at 3303 Hyland Ave. along the San Diego Freeway, the 300,000-square-foot center is home to 16 existing tenants, including La-Z-Boy, Linder's and NW Rugs.

The transaction was one of the first major retail sales in Southern California to trade in the distressed asset category.


Address: 3303 Hyland Ave., Costa Mesa, Calif.

Size: 300,000 square feet

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Filed Under: Retail

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