<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2QNAce_0vt8mweQ00" alt="https://img.particlenews.com/image.php?url=2QNAce_0vt8mweQ00" width="1920" height="1440" ><figcaption>Photo by Ariel Blanco on Unsplash, Costa Mesa</figcaption></figure>Westport Plaza and Square, a 39,334-square-foot shopping center in East Side Costa Mesa, has been listed for $26,548,000, or roughly $675 per square foot.The L-shaped property at 369 E 17th St. and 1685 Tustin Ave. fronts along 17th Street, a busy thoroughfare in Costa Mesa. The property is 97 percent leased, with a compound annual growth rate of 4.4 percent. Corona del Mar-based firm Space Investment Partners purchased the Class C property and took out a $12.3 million loan from Hunt Finance Company in 2019, according to property records. According to their website, the firm specializes in grocery-anchored neighborhood retail centers and multifamily properties. The shopping center was originally constructed in 1975 and underwent renovations in 2018, according to property records. The parking lot has 191 spaces, according to marketing materials from brokerage firm CBRE. Local breakfast and lunch spot Plums Cafe, which serves Northwest-inspired dishes, is among the center’s current tenants. Other tenants include a Crumbl Cookies location, a Japanese restaurant, an Italian restaurant, a salon and various shops and boutiques. The property is a short drive from State Route 1 and State Route 55, which connects to State Route 73 and Interstate 405. The immediate surrounding area is mostly residential with scattered retail offerings and outdoor recreation areas, with a walk score of 94 and a bike score of 71. Newport Beach, Balboa Peninsula and Huntington Beach are within driving distance. The shopping center is also close to Fashion Island, John Wayne Airport and multiple golf courses. According to marketing materials from CBRE, the Newport Beach and East Costa Mesa area has an average household income of $182,000.Orange County’s retail market is slowly recovering from pandemic-induced vacancies, but the rebound remains sluggish as of the first half of 2024, according to The Registry. The region’s vacancy rate stands at 4.3 percent, showing minimal change from previous quarters, and average asking rents have declined slightly. Although leasing activity has increased by over 20 percent from the previous quarter, year-to-date totals still reflect a significant drop compared to last year. The potential merger of Kroger and Albertsons raises concerns over the impact on grocery anchors in the area, as regulatory reviews aim to mitigate monopolistic issues faced in past mergers. This evolving landscape presents opportunities for landlords and developers to adapt, encouraging innovative approaches that integrate dining, entertainment, and local culture to attract consumers and enhance retail environments.CBRE contacts for the property include Jimmy Slusher, Megan Lanni, Shaya Northrup and Philip Voorhees.</div></body>

Mountain View, CA

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Space Investment Partners Selling 39,334 SQFT Costa Mesa Shopping Center For $26.5MM

Westport Plaza and Square, a 39,334-square-foot shopping center in East Side Costa Mesa, has been listed for $26,548,000, or roughly $675 per square foot. The L-shaped property at 369 E 17th St. and 1685 Tustin Ave. fronts along 17th Street, a busy thoroughfare in Costa Mesa. The property is 97 percent leased, with a compound annual growth rate of 4.4 percent.