In a significant development for the Mission Viejo retail landscape, The Kaleidoscope, a struggling shopping mall, has recently changed hands for a price tag of $33.5 million, or approximately $138 per square foot. According to a recent report from the Orange County Business Journal, the property was acquired by an entity closely associated with Newport Beach-based Continuum Analytics, and the seller was Westport Capital Partners LLC.
The property is located adjacent to the San Diego Freeway at 27741 Crown Valley Parkway and spans approximately 242,825 square feet. The property was built in 1998 and is situated on nearly five acres. In addition to retail space, the property also features 1,296 parking spaces, according to a listing for the property on Loopnet.
The report indicates that new owners have made recent efforts to improve foot traffic at the mall, recently increasing the occupancy to about 70 percent. Current tenants at the mall include Regal Edwards cinema, an LA Fitness, a laser tag arena, Burke Williams Day Spa and others.
The Orange County retail market has seen several other major retail assets trade hands over the past several quarters.
In Westminster, Shopoff Realty is also making plans to redevelop a major portion of the Westminster Mall after acquiring it in separate transactions last year. The company paid approximately $95.3 million in two transactions for approximately 26 acres at the mall. In early 2023, the company announced its redevelopment plans for the mall, which include approximately 1,065 rental units, approximately 102 for-sale townhomes, a 175-room hotel and more.
