Latest news with #AsanaPartners
Los Angeles Times
4 days ago
- Business
- Los Angeles Times
CBRE Arranges $25.7-Million Sale of Westport Plaza & Square in Costa Mesa
CBRE announced the sale of Westport Plaza & Square, a 39,334-square-foot shopping center along East 17th Street in Costa Mesa, California, to Asana Partners for $25.7 million. CBRE's National Retail Partners-West (NPR-West) team, led by Jimmy Slusher along with Megan Lanni and Shaya Northrup, represented both the seller, Newport Beach-based Space Investment Partners, and the buyer, Asana Partners, in the transaction. Westport Plaza & Square is located at 369 East 17th Street and 1685 Tustin Avenue in Costa Mesa. The property is 97% leased to a mix of popular local tenants, including neighborhood staples Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimos Pizza, Laser Away and others. 'Westport Plaza & Square enjoys one of the premier retail locations in Orange County. Surrounded by a vibrant mix of national and specialty grocers, upscale dining, stylish boutiques and affluent demographics, the property location serves as its anchor and provides a competitive edge,' said Lanni. Built in 1975 and renovated in 2002 and 2018, the center encompasses 13.73 acres of leased land and benefits from over 535 feet of linear frontage along East 17th Street. Westport Plaza & Square is subject to a long-term ground lease through 2079, with a total remaining term, inclusive of options, of just over 54 years. According to Slusher, 'The sale of Westport Plaza & Square marks a milestone for Costa Mesa's East 17th Street, with the buyer, Asana Partners, becoming the first institutional investor to commit capital along this retail corridor. This acquisition reflects the growing confidence in the area's long-term value and underscores the strategic positioning of the property in the heart of this retail hub.' 'With its compelling neighborhood demographics, the Westport Plaza & Square acquisition aligns with our strategy of targeting well-located, retail assets where we see an opportunity to continue to elevate the shopping and dining experience for the community,' said Bri Baffer, director of investments for Asana Partners. Slusher continued, 'The strong competition to acquire Westport Plaza & Square – from a distinguished pool of well-capitalized investors, including institutional capital – demonstrates investors' preference to own top-tier assets with seasoned, high-performing tenancy, even without a traditional anchor.' Information was sourced from CBRE. Learn more by contacting
Axios
08-05-2025
- Business
- Axios
Construction begins to turn Uptown office tower into luxury apartments
Construction has started to transform the old Duke Energy headquarters on South Church Street into 460 luxury apartments with ground-floor retail. Why it matters: The $250 million Brooklyn & Church project is Uptown's first office-to-mixed-use conversion. It comes as about 25% of Uptown's 21 million square feet of office space is vacant, according to commercial real estate firm CBRE's Q1 2025 report. The latest: Charlotte-based Asana Partners and Washington, D.C.-based MRP Realty, in collaboration with Rockefeller Group, celebrated construction commencing at the '70s-era building on Thursday. "This city block has really been left pretty stagnant since the 1970s," Reed Kracke, partner at Asana Partners, said at the groundbreaking. "We're really excited as a team for the opportunity to reinvent it." The 30-month construction project is now expected to be completed in Q4 2027. Zoom in: The 13-story tower's core and shell will be preserved, while the façade will get a makeover with new windows and balconies. Site plans also call for 57,000 square feet of retail, including a new three-story, 30,000-square-foot building at the corner of Church Street and Brooklyn Village Avenue. The big picture: Brooklyn & Church is anticipated to energize this prominent corner near Bank of America Stadium, with new retail and a more walkable layout planned. "This is a corner of Uptown that really hasn't been activated in a long time," says Patrick Sullivan, senior vice president of acquisitions and asset management at MRP Realty. "There's just so much opportunity to capture people that come to the stadium and also create more of a 24/7-type environment." Asana managing director Welch Liles says the leasing process is still very early, but interest is strong. Asana will aim to have the majority of tenants open by early 2028, soon after construction wraps. "We really started marketing to retailers in January," Welch says. "We are hoping to get a good mix of and beverage-type users, along with some local, regional users. And I think it's gonna be a great curated mix."
Business Journals
22-04-2025
- Business
- Business Journals
Maru rooftop bar to debut in Tampa's Bayshore with Nikkei-inspired menu
A hospitality group known for its innovative concepts is bringing a taste of Japanese-Peruvian fusion to Tampa's Bayshore neighborhood. Story Highlights Maru, a rooftop cocktail bar, opens Friday, May 2, in Tampa's Bayshore neighborhood. Menu includes small plates, hand rolls, ceviches, and upscale shareables like caviar. Open Thursday–Sunday from 4 p.m. to midnight; until 1 a.m. on Fridays and Saturdays. A new rooftop bar is set to open in Tampa's Bayshore neighborhood. Maru, an elevated rooftop cocktail bar with a Nikkei-style menu, will open on May 2. The new eatery from the Indigo Road Hospitality Group will be located on the seventh floor of Bayshore Gardens at 2909 W Bay to Bay Blvd. Asana Partners is redeveloping Bayshore Gardens, located along West Bay to Bay Boulevard, with scenic views of Bayshore Boulevard and Hillsborough Bay. The developer acquired the site in late 2021 and is known for its distinctive, retail-focused neighborhood projects. Since then, it has expanded its footprint in Tampa's urban core, with a portfolio that includes properties in North Hyde Park and SoHo. Maru will offer customers traditional Japanese cooking techniques mixed with Peruvian flavors, according to a release. It will have a curated beverage program led by beverage director Vonda Freeman, with a selection of sparkling wines, champagnes and crafted cocktails. Under the direction of Chef Masa Hamaya, Maru's menu has shareable dishes, ranging from small plates, hand rolls and ceviche to elevated shareable dishes such as caviar. The restaurant will be open Thursday through Sunday from 4 p.m. to midnight, with extended hours until 1 a.m. on Fridays and Saturdays. This latest opening continues Indigo Road Hospitality Group's trend of opening unique concepts in Bayshore. Last year, the company announced it would open O-Ku, a sushi concept, this year on the ground floor of Bayshore Gardens.
