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**DJM Sells Mission Viejo’s Gateway Center in $51M All-Cash Deal**
Orange County–based real estate investment and development firm DJM has finalized the sale of Gateway Center, a neighborhood retail property in Mission Viejo, for $51 million. The transaction, which closed with an institutional buyer in an all-cash deal, reflects a 6% capitalization rate on net operating income (NOI).
Originally constructed in 1979, Gateway Center spans 7.35 acres and is located at 24000 Alicia Parkway. The property houses a tenant mix of both national and local retailers, and benefits from a high-visibility location with exposure to more than 78,000 vehicles per day.
DJM acquired the center in December 2021 for $39.5 million from the Gerrity Group, at which point occupancy stood at 83%. Through a focused repositioning strategy and active leasing efforts, DJM was able to boost occupancy to 97% by the time of sale.
“Gateway Center is a great example of how disciplined capital deployment, thoughtful leasing and strategic asset management can meaningfully enhance long-term value,” said Rob Miller, CEO of DJM.
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