Space Investment Partners acquires Westport Plaza & Square for $18.4 million
IRVINE, Calif. — Space Investment Partners, an Irvine-based fully-integrated investment, development, and management company, has announced the acquisition of Westport Plaza & Square, a 39,000-square-foot leasehold retail center located in the heart of the E. 17th Street retail corridor at 369 E. 17th Street in Costa Mesa, California. The purchase price was $18.4 million.
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Westport Plaza was built in 1975 and renovated in 2002 and 2018. The property is 100% leased to a top-tier collection of unique eateries, restaurants, and high-end clothing and furnishing boutiques with many tenants that have occupied the center for more than 10 years. Tenants include Etoile on 17th fashion, fitness, and dance; Plums Café and Catering; Common Thread clothing store, and Shunka Sushi, among others.
CBRE’s National Retail Partners-West retail experts Philip Voorhees, Jimmy Slusher and Sean Heitzler represented the seller, Wohl Investment Company, a Newport Beach-based private real estate management firm.
“Westport Plaza is an extremely well-located property that we are buying for cash flow. We really believe in the continued revitalization of 17th Street and have seen a significant number of new retail concepts up and down the street. This coupled with the highly affluent demographics made the asset particularly attractive to us,” said Space Investment Partners Managing Partner and Co-Founder Mark Moshayedi.
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Completing the sale of three significant leasehold assets along 17th Street totaling over $50 million in transaction volume over the last 26 months (Westport Plaza & Square, 17th Street Promenade, and 17th & Newport Ave), our team continues to identify local buyers who appreciate the depth and demand from tenants seeking locations on E. 17th Street. These leasehold assets are 100% depreciable, providing excellent after-tax benefits to investors,” said CBRE’s Slusher.
East 17th Street is a primary retail/commercial street for the greater Costa Mesa and Newport Beach area and recognized as one of the best retail streets in Orange County. Having owned the property for over 25 years, Wohl Investment Company curated a quintessential retail center tenant lineup catering to this coastal Orange County neighborhood and its A+ demographics. To underscore the changing character of the street, recent restaurants that have opened along East 17th Street include Paris Baguette, Playa Mesa, The Country Club, The Crack Shack, Mendocino Farms, Kit Coffee, and Olea Restaurant.
Submitted by CBRE National Retail Partners-West
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Trevor Montgomery, 48, moved last year to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 15 – but soon to be 16 – grandchildren.