CBRE Arranges $25.7-Million Sale of Westport Plaza & Square in Costa Mesa

CBRE announced the sale of Westport Plaza & Square, a 39,334-square-foot shopping center along East 17th Street in Costa Mesa, California, to Asana Partners for $25.7 million.

CBRE’s National Retail Partners-West (NPR-West) team, led by Jimmy Slusher along with Megan Lanni and Shaya Northrup, represented both the seller, Newport Beach-based Space Investment Partners, and the buyer, Asana Partners, in the transaction.

Westport Plaza & Square is located at 369 East 17th Street and 1685 Tustin Avenue in Costa Mesa. The property is 97% leased to a mix of popular local tenants, including neighborhood staples Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimos Pizza, Laser Away and others.

“Westport Plaza & Square enjoys one of the premier retail locations in Orange County. Surrounded by a vibrant mix of national and specialty grocers, upscale dining, stylish boutiques and affluent demographics, the property location serves as its anchor and provides a competitive edge,” said Lanni.

Built in 1975 and renovated in 2002 and 2018, the center encompasses 13.73 acres of leased land and benefits from over 535 feet of linear frontage along East 17th Street. Westport Plaza & Square is subject to a long-term ground lease through 2079, with a total remaining term, inclusive of options, of just over 54 years.

According to Slusher, “The sale of Westport Plaza & Square marks a milestone for Costa Mesa’s East 17th Street, with the buyer, Asana Partners, becoming the first institutional investor to commit capital along this retail corridor. This acquisition reflects the growing confidence in the area’s long-term value and underscores the strategic positioning of the property in the heart of this retail hub.”

“With its compelling neighborhood demographics, the Westport Plaza & Square acquisition aligns with our strategy of targeting well-located, retail assets where we see an opportunity to continue to elevate the shopping and dining experience for the community,” said Bri Baffer, director of investments for Asana Partners.

Slusher continued, “The strong competition to acquire Westport Plaza & Square – from a distinguished pool of well-capitalized investors, including institutional capital – demonstrates investors’ preference to own top-tier assets with seasoned, high-performing tenancy, even without a traditional anchor.”

Information was sourced from CBRE. Learn more by contacting kimberley.hoidal@cbre.com.