Bank of America backs Rockwood’s ‘South Coast’ buy

Bank of America has provided the financing behind Rockwood Capital’s $120 million acquisition of the South Coast Collection (SOCO), a Costa Mesa, California shopping center, Real Estate Capital has learned.

Rockwood declined to comment on the loan amount and terms, though managing director Joel Mayer said in a statement that the purchase falls in line with the firm’s “investment strategy of acquiring unique experiential retail assets in top tier infill urban markets.”

“We look forward to enhancing the property to create an environment that is among the preeminent lifestyle centers in Southern California,” he said.

Burnham-Ward Properties, an affiliate of Burnham USA, scooped the 300,000 sq ft property out of bankruptcy in February 2009 at a bargain price of $36.5 million after the previous owners defaulted on their bank loan in 2008.

Burnham, which will continue to oversee the management at SOCO, renovated the property in 2012, rebranding, remodeling the buildings, installing new landscaping and putting together a tenant mix across more than 75 storefronts and (20) design showrooms, including Pirch, Brown Jordan, Design Within Reach, HD Buttercup, Stark, Farrow and Ball, Roche Bobois and Surfas. Eateries include Taco Maria, ARC, Pueblo, Restaurant Marin, Bistro Papillotte, Greenleaf, Shuck Oyster Bar and Temakira.

Rockwood, founded in 1995, typically invests in the repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the US.

The firm has invested approximately $20.1 billion through nine value-add vehicles and four separate accounts on behalf of its clients.