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.
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SOURCE DJM
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