Barings Acquires Placentia Grocery-Anchored Center for $66.2M

Investment management firm Barings has acquired Village Center at Rose, a fully leased grocery-anchored shopping center in Placentia, California, for $66.2 million. The seller was First Washington Realty, and CBRE brokered the sale, which it announced on a Monday. The price works out to roughly $557 per square foot across the 118,876-square-foot property.

The 10.15-acre center, built about 30 years ago, sits at the northeast corner of North Rose Drive and Alta Vista Street. Supermarket chain Ralphs has anchored it since opening, occupying about 37 percent of the leasable space. Other tenants include quick-service restaurants, a bank, a salon suite operator and a swim school. Roughly 80 percent of occupants have been at the center for more than a decade.

Barings said the purchase supports its focus on necessity-based retail and steady cash flow. CBRE cited more than 147,000 residents within three miles and about 372,700 within five miles, with average household income near $154,800. The site has about 1,100 linear feet of frontage on a road carrying roughly 25,000 vehicles daily.

For investors, the deal signals continued institutional demand for stabilized, grocery-anchored assets in supply-constrained Orange County markets.