CBRE Brokers $80M Sale of 430,000 SF Anaheim GardenWalk Near Disneyland
ANAHEIM, CALIF. — CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million.
Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space. Current tenants include House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, The Cheesecake Factory, P.F. Chang’s China Bistro and California Pizza Kitchen.
The asset was designed by Callison Architects, in collaboration with Lyons Warren Engineers + Architects, in 2007. It currently features an under-construction, 466-key J.W. Marriott (not part of the sale) abutting GardenWalk. The property is also designed to accommodate 399 timeshare units atop its 2,900-stall parking garage and another 400-key hotel, which is planned to be built at the northwest corner of Katella Avenue and Clementine Street.
Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of CBRE represented the seller in the transaction.
“Landmark properties such as GardenWalk only exist around iconic, historical locations like Disneyland; it’s a rare opportunity to own them at a discount to the construction cost,” says Slusher. “Construction of the adjacent hotel projects and new tenancy such as the House of Blues at the property amplifies Disney’s draw for convention attendees, tourists and local resident patrons alike.”
— Amy Works and Kristin Hiller