Stream Snags Stater Bros.-Anchored Center in Santa Ana
By: Lisa Brown
Stream Realty Partners recently acquired a 49,334-square-foot grocery-anchored shopping center located at 2360 N. Tustin Ave. in Santa Ana. The purchase price was undisclosed.
Previously owned by two private owners for the past 50 years, Stream acquired both the leasehold interest and the fee simple, at which Stater Brothers has been a tenant since its inception. For future development, Stream also acquired the adjacent 0.78 acres, which currently includes two residential units.
“Stream was very intrigued by the value-add opportunity of acquiring this property and adjacent land situated in the heart of Orange County,” says Donald Ellis, Stream’s senior vice president. “Since Stream has its own investment and development arm internally, we can leverage our experience to immediately improve this center, add value long-term for its tenants and create a true amenity destination for the community.”
As a result of Stream’s ownership announcement, Stater Brothers has renewed its 25,587-square-foot lease and Del Taco has renewed its 1,859-square-foot lease. The center is scheduled to undergo several upgrades in the coming quarter including facade renovations, new signage and landscaping. Del Taco will also begin interior renovations in second quarter 2021.