Buena Park Downtown

existing asset redevelopment / repositioning

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Summary

  • Acquisition – November 2004

  • Location – Buena Park, CA

  • Value-Add Opportunity – Asset

  • Re-positioning Size – 729,586 sq. ft.

Opportunity

  • Urban in-fill retail location in a densely populated trade area

  • Lease up potential amongst strong anchor tenants and strong sales trends

  • Below-market rents

  • Institutional asset with limited direct competition

  • Ability to sell power center and mall separately to enhance overall value

  • Aquired from non-strategic owner

Value Added

  • Leased final anchor space in the strip center (Buena Park Place)

  • Created and leased outlot

  • Replaced Burlington Coat with 24 Hour Fitness and additional retail

  • Leased lower level to family entertainment tenant (John’s Incredible Pizza)

  • Improved occupancy by 5% and NOI by $1.37 million to date