Barings buys Southern California shopping center anchored by Ralphs for $66M
Barings just paid $66.2 million for a busy shopping center in Placentia, California.
The short version
- First Washington Realty sold the 118,000-square-foot property anchored by a Ralphs supermarket.
- Eighty percent of the tenants have operated at the busy location for a decade.
Barings, the investment management firm backed by Massachusetts Mutual Life Insurance Company, just put down $66.2 million to acquire a fully leased shopping center in Orange County, California. First Washington Realty sold the Village Center at Rose, a 118,876-square-foot retail property in Placentia, according to CBRE, the commercial real estate services firm.
The transaction works out to about $557 per square foot for the 10.15-acre property built 30 years ago. Kevin Miller, who heads United States real estate acquisitions for Barings, said the purchase advances the firm's strategy of focusing on necessity-based retail. Property records show approximately 80 percent of the existing occupants have operated at the center for more than a decade.
Supermarket chain Ralphs has anchored the property since its opening with 44,000 square feet, which is about 37 percent of the leasable space. Other tenants include Chase Bank, Jersey Mike's Subs, The UPS Store, Cold Stone Creamery and Carbon Health. More than 147,000 people live within three miles of the center in a trade area with an average household income of approximately $154,800.
First Washington Realty manages approximately $8.9 billion in assets across 134 open-air shopping centers nationwide. Barings, a subsidiary of MassMutual, manages approximately $500 billion in assets across credit and real estate.
