Westwood-based Unimat Commercial Inc. recently acquired the 204,523-square-foot Triangle entertainment center at the end of the 55 freeway in Costa Mesa for $55 million, or $269 per square foot.
Unimat is an affiliate of Cannon Commercial Inc., a privately held owner and operator of office, retail, multifamily, and industrial properties.
Irvine-based Greenlaw Partners sold the center, which it had owned for five years in a venture with financial partners Westbrook Partners in New York and Walton Street in Chicago. They acquired the property for $15 million in 2012 after it was plagued by vacancies for several years under various ownership groups.
The new owners spent $25 million in 2012 and 2013 to renovate the center and refocus it from traditional retailers to more “point of destination” tenants, such as entertainment sports, bars and restaurants.
The property was about 95 percent occupied at the time.
Some tenants now generate monthly sales in excess of $600 per square foot, according to marketing documents from CBRE Group Inc., which first listed the property for sale last year.
Staff reporter Neil Nisperos can be reached at firstname.lastname@example.org or (323) 556-8337. Mark Mueller of the Orange County Business Journal contributed to this report.