LOS ANGELES--(BUSINESS WIRE)--Rockwood Capital, LLC (“Rockwood”) announced today it has completed a $120 million investment in South Coast Collection (“SOCO”), a Costa Mesa, California shopping destination that features an eclectic mix of design, home furnishings, fashion, restaurants, culinary offerings, and other specialty retail.
SOCO is the brainchild of Burnham-Ward Properties, an affiliate of Burnham USA, which remains an active participant in the property and will continue to oversee all management functions.
Renovated in 2012 and located fronting the San Diego (I-405) Freeway at 3303-3323 Hyland Avenue in Costa Mesa, the 300,000-square foot property spans over 20 acres and features a collaborative mix of over 75 storefronts, including more than 20 design showrooms catering to both the public and design trade. SOCO is also home to some of the region’s most acclaimed chefs and restaurateurs, with such known eateries as Taco Maria, ARC, Pueblo, Restaurant Marin, Bistro Papillotte, Greenleaf, Shuck Oyster Bar and Temakira. The shopping center offers an award-winning weekly Farmers’ Market on Saturdays and a robust schedule of monthly events to appeal to a variety of community interests. In addition to offering a truly unique and innovative lifestyle-enriching experience, SOCO and the OC Mix provide an impressive selection of special event venues and culinary offerings, including Portola Coffee Lab (Micro-Roaster of the Year), handcrafted cheeses, desserts, wines, olive oils, specialty breads and artisan boutiques with accessories for men, women, and children.
Joel Mayer, Managing Director at Rockwood, said, “This property exemplifies Rockwood’s investment strategy of acquiring unique experiential retail assets in top tier infill urban markets. SOCO’s innovative and ever-evolving mix of stores has proven a successful draw for both new and repeat customers. We look forward to enhancing the property to create an environment that is among the preeminent lifestyle centers in Southern California.”
Scott Burnham, CEO at Burnham, added, “SOCO is like none other and offers the greater OC community an amazing opportunity to enjoy a very unique pedestrian-oriented retail experience. We are so proud of what we have created at SOCO under our leadership as it has become one of the most talked-about newly inspired retail concepts of the decade. Rockwood has invested in a true ‘gem’ that will be enjoyed by generations to come.”
“Major national and international retailers have been attracted to our innovative concept and successful development at SOCO,” said Bryon Ward of Burnham-Ward Properties. “As a result, the center now is home to numerous landmark retail showrooms including Pirch, Brown Jordan’s first to-the-public location, the largest Design Within Reach, HD Buttercup, Stark, Farrow and Ball, Roche Bobois and Surfas, just to name a few.”
Dixie Walker, Managing Director of Cushman & Wakefield, acted as a consultant on the transaction.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment management firm, founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $20.1 billion of real estate through nine value-add vehicles and four separate accounts. Today, Rockwood is an 80 person real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA, and Seoul, Korea that manages a portfolio of approximately $3.6 billion of net equity value in approximately $9.1 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.
About BURNHAM USA/Burnham-Ward Properties
Located in Newport Beach, California, Burnham USA, and its affiliate Burnham-Ward Properties, is recognized as a driving force in the West Coast commercial real estate market. Burnham USA, together with its affiliate Burnham-Ward Properties, has developed and/or acquired millions of square feet of commercial real estate including professional office, medical, retail, and industrial throughout the United States. The firm’s artistic and hands-on approach to its commercial properties has earned the company brand recognition for its forward thinking creativity.