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1/25/18
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Baker Ranch Center, a newly developed, 6k sf retail center in Lake Forest, sold for $4.82 mil, or about $800/sf. The property is 100% NNN-leased to four tenants: Tenko Sushi & Teriyaki; Ameci Pizza; Sage Nail Lounge; and Sheesh Lebanese Kitchen.
Built in late 2016 and situated on .33 acres at 20491 Alton Pkwy, Baker Ranch Center is adjacent to Starbucks and Goddard Preschool and is near the on/off ramp of Toll 241 at the signalized intersection of Alton Pkwy and Town Center Dr. Baker Ranch Center is within the 370-acre Shea/Baker Ranch Area project, which is a long-term residential/commercial development in Lake Forest. There are approximately 76,000 permanent residents within a three-mile radius of the property.
Patrick Toomey, Thomas Chichester, Joseph Chichester and Matt Brooks with Faris Lee Investments represented the seller, Shea/Baker Ranch. The buyer, Baker Ranch Investment, LLC, was repped by John Carpenter from The 949 Group. Wells Fargo Bank financed the acquisition.
“Because of this asset’s location, quality tenancy and overall buyer demand for this product type, the sale garnered a record-breaking price per square foot of over $800, which is one of the highest prices paid for similarly sized strip centers in South Orange County in the past 12 months,” noted Toomey.
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