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Mark Moshayedi’s Space Investment Partners has unloaded prime commercial real estate along Costa Mesa’s popular East 17th Street corridor.
The Corona del Mar-based company sold a nearly 40,000-square-foot retail center along the 17th Street shopping corridor for $25.7 million to Asana Partners, a Charlotte, North Carolina-based real estate investment firm.
Westport Plaza & Square, located at 369 E. 17th St. and 1685 Tustin Ave., was 97% leased at the time of the sale. Space Investment Partners bought the plaza in 2019 for $18.4 million, or $470 per square foot.
The deal was brokered by CBRE’s National Retail Partners-West team, with Jimmy Slusher, Megan Lanni and Shaya Northrup representing both the buyer and seller.
“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,” Slusher said in a statement. “This acquisition reflects the growing confidence in the area’s long-term value.”
Tenants include Plums Café & Catering, Fleur De Lys, and Crumbl Cookies.
Westport Plaza & Square was built in 1975 and renovated twice—first in 2002 and then again in 2018.
The center has a long-term ground lease through 2079.
“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,” Slusher said.