1M square foot
mixed-use project to be solely owned by PGIM
Transaction marks end of transformational,
20-year tenure for DJM
SAN
JOSE, Calif., Jan. 17,
2025 /PRNewswire/ -- DJM Capital Partners, a private
equity real estate developer, owner, and manager, today announced
the sale of its ownership interest in Bella Terra, the mixed-use
open-air shopping, dining, entertainment and residential lifestyle
center in Huntington Beach,
California. PGIM Real Estate, DJM's long-standing, trusted
partner in the project, now stands as sole owner of the popular
property. Terms were not disclosed.
"It is with pride that we sell our stake in Bella Terra, marking
the end of a successful 20-year run as part owner and custodian of
the property," said Lindsay Parton, president of DJM Capital.
"Our team's vision and sustained commitment has transformed Bella
Terra into a vibrant hub for Huntington
Beach and beyond. We leave its incredible tenants and guests
in PGIM's very capable hands."
DJM, which managed and co-owned the property since 2005, exits
Bella Terra after a remarkable 20-year run. During its tenure,
DJM:
- transformed Bella Terra from an indoor mall to a vibrant
outdoor lifestyle destination
- added landmark features like Costco and The Residences at Bella
Terra, with 467 apartments
- redesigned the Amphitheater into the community hub, The
Green
- hosted 400+ annual community-focused events, bringing tens of
thousands of people together
- executed more than 100 leases, achieving a 92% occupancy rate
and curating a diverse, dynamic tenant mix
The sale accelerates DJM's recent activity in the market. Last
year, the company purchased a 46-acre site in Bakersfield, California, with plans to develop
a Whole Foods-anchored shopping center with adjoining uses. DJM
continues to explore other acquisition opportunities around the
country.
"Having met our investment and operational goals in Bella Terra,
we look forward to applying that same energy and vision to new
projects," added Parton.
PGIM and DJM will continue to co-own and operate other real
estate assets in California.
About DJM
DJM is a private equity real estate owner, operator and
developer based in California. DJM
creates long-term value by transforming real estate to meet the
21st century demands of consumers, retailers, and office
users. With a focus on placemaking, DJM leverages design,
development, and best-in-class management to create places where
people thrive. DJM is represented by a current portfolio of
approximately four million square feet with an estimated portfolio
value of $2 billion. For more
information, please visit www.djmcapital.com.
Press contact
Brenner Thomas
E: brenner@theleadpr.com
M: 917.655.4003
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SOURCE DJM
