Passco Buys Orange County Mall
Irvine, Calif.–based Passco Real Estate Enterprises Inc. has completed a $100 million acquisition of The Village at Orange, an 858,000-square-foot regional center anchored by Sears, JCPenney and Wal-Mart stores. Passco acquired the mall from investment group RB Village/Orange LLC.
The center, formerly known as The Mall of Orange, recently received $30 million in improvements. Passco executives said they plan to make further improvements and reposition the center as an upscale destination with more apparel, specialty store and entertainment tenants.
“Passco’s plans for the property are to complete the repositioning and re-tenanting of the asset, capitalizing on a recently completed $30 million renovation,” said Chief Operating Officer William Winn. “We will improve the shopping experience for the local community through the addition of retailers such as Old Navy and of new restaurants.”
The center, located just west of the Newport Beach Freeway (CA-55), has seen competition in recent years from The Block at Orange.
Passco specializes in regional and community retail properties. Among the properties in its portfolio are the Puente Hills Mall, the Rancho Cordova Towne Center and the Moreno Valley Plaza. —Robert McAllister
