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August 18, 2018
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OC Activity Update from Irvine-Based ValueRock Partners

4/23/18

In the latest news from Irvine-based ValueRock Realty Partners, the firm has acquired a 41.1k sf Best Buy in Irvine, closed a new lease for 71k sf with Floor & Décor in Mission Viejo, and begun construction on a Marriott Springhill Suites in Lake Forest.

ValueRock purchased the Best Buy in an off market deal for $9 mil, or $127/sf. The building is located at 16171 Lake Forest Dr in the Irvine Spectrum Crossroads Center, which also includes McDonalds, Chevron and Del Taco.

Dennis Vaccaro, senior vice president, ValueRock said, “Best Buy has been in this location since 2004. We jumped at the opportunity to acquire this asset as we see this as an irreplaceable location at the El Toro Y.” The El Toro Y location is truly unique as it benefits from the convergence of the 5 and 405 freeways.

ValueRock also completed a long-term lease with Floor & Décor at 25872 Muirlands Blvd in Mission Viejo. ValueRock acquired the vacant building in 2017, taking a chance on the investment because the firm believed in the long-term intrinsic value of this real estate, situated in the heart of Mission Viejo directly adjacent to the 5 Fwy. Floor & Décor is scheduled to open for business by September 2018.

In addition, Finally ValueRock has commenced construction on the Marriott Springhill Suites at their Lake Forest Gateway Center. The hotel is scheduled to open in 2019.





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