ORANGE COUNTY, CA – April 13, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced today that is has acquired an 49,334-square-foot, grocery-anchored shopping center in Santa Ana, California, located at 2360 N Tustin Avenue. Previously owned by two private owners for the past 50 years, Stream acquired both the leasehold interest and the fee simple, at which Stater Brothers has been a tenant since its inception. Stream also acquired the 0.78 acres of adjacent land to the center, where two residential units currently reside, for future development.
Stream’s Senior Vice President Donald Ellis, said, “Stream was very intrigued by the value-add opportunity of acquiring this property and adjacent land situated in the heart of Orange County. Since Stream has its own investment and development arm internally, we can leverage our experience to immediately improve this center, add value long-term for its tenants and create a true amenity destination for the community.”
As a result of Stream’s ownership announcement, Stater Brothers has renewed its 25,587-square-foot lease and Del Taco has renewed its 1,859-square-foot lease at the center, which is scheduled to undergo several upgrades in the coming quarter, including façade renovations, new signage and landscaping. Del Taco will also begin interior renovations in second quarter 2021.
Ellis continued, “With long-term leases executed with the center’s highest performing tenants, we have established great future stability in a center, which is surrounded by unparalleled density and excellent access to consumers. We look forward to further positioning opportunities within the shopping center for tenants looking to get into this highly desirable location.”