Brixmor Property Group has purchased a shopping center anchored by a grocery store in Orange County for $85.7 million.
The New York-based REIT bought the 182,000-square-foot Brea Gateway Center at the end of last year, the firm announced in an earnings release on Monday.
The deal comes out to around $470 per square foot.
Built in 1995, the Brea Gateway Center is at the corner of Imperial Highway and Brea Boulevard. It was developed by Watt/Craig Associates, and the Ralphs grocery chain has been a tenant since it opened.
Watt/Craig Associates exited the property as a general partner in 2006 and was replaced by limited liability companies linked to PNC Bank, according to state business records.
PNC Bank did not respond to a request for comment.
With its new purchase, Brixmor currently owns around 1.9 million square feet across Southern California. The firm also owns Montebello Plaza in Los Angeles County – a shopping center with a store of the Albertsons grocery chain at 2401 West Via Campo.
Grocery stores have become a popular investment choice during the pandemic compared with other retail classes, as grocers were largely exempt from pandemic-related closures and restrictions.
In December, Deka Immobilien, the Frankfurt, Germany-based investment firm, purchased a Whole Foods Market in Santa Monica for $54 million — around $1,022 per square foot, one of the highest retail deals of the year in terms of price per foot.
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