DJM, an Orange County–based private equity real estate and development firm, finalized the sale of Gateway Center, a neighborhood retail center located in Mission Viejo. The property sold for $51 million, representing a 6% cap rate on NOI. The transaction closed all-cash with an institutional buyer.
Completed in 1979, Gateway Center is leased to a combination of national and local retailers. The center spans 7.35 acres and is located at 24000 Alicia Pkwy. It benefits from exposure to more than 78,000 vehicles per day.
DJM acquired Gateway Center in December 2021 from Gerrity Group for $39.5 million, at which time the property was 83% occupied. Following the acquisition, DJM implemented a targeted repositioning strategy and increased occupancy to 97% at sale…