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REAL ESTATE: Caps S150M in deals for Greenlaw Partners
The Triangle, the Costa Mesa entertainment center that's home to some of the city's busiest nightspots, restaurants and other venues, has been sold to a Los Angeles-based real estate investor who's no stranger to the dating scene.
An affiliate of Cannon Commercial Inc., a privately held owner and operator of office, retail, multifamily, and industrial properties, recently closed on the purchase of the 204,523-square-foot lifestyle center at the end of the Costa Mesa (55) Freeway.
It sold for about $55 million, real estate sources tell the Business Journal, or about $269 per square foot. The property was about 95% occupied at the time.
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 paid about $15 million for it in 2012 after it was plagued by vacancies for several years under various ownership...