HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors (PREI) has formed a joint venture with DJM Capital Partners to own and manage Bella Terra Shopping Center in Huntington Beach. The purchase price was not disclosed. DJM has owned and operated the 840,909-square-foot outdoor retail center since 2005.
The Class A property is located at 7777 Edinger Ave. PREI acquired about a 75 percent stake in the center, while DJM will maintain about a 25 percent stake.
DJM will continue to lead the property management and leasing aspects of the property. The firm originally purchased Bella Terra in 2005 with its previous partner, an institutional investor advised by Sarofim Realty Advisors. That entity sold its interest to PREI. The asset underwent a transformation shortly after this initial acquisition.
The new joint venture between PREI and DJM Capital Partners includes the original shopping center and the new Costco. DJM separately owns and operates the retail underneath Bella Terra’s luxury apartments.
Sarofim Realty Advisors and DJM Capital Partners were advised by Eastdil Secured.