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3/14/23
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The ground lease for Lake Forest Marketplace, a 111.2k sf, multi-tenant retail property in Lake Forest, has sold in a $14.2 mil transaction. The asset, located at 23771 to 23841 El Toro Rd, was purchased by an OC-based private investor.
Lake Forest Marketplace is situated on just over 10 acres and is fully occupied by tenants including 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco, and Dunkin’ Donuts, among others.
The property is situated within a dense retail corridor and is directly across the street from several shopping centers including The Arbor, The Orchard and Twin Peaks Plaza. Other nearby retailers include Home Depot, PetSmart, Ralphs, Big 5 Sporting Goods, ALDI and Nordstrom Rack to name a few. The site is also directly off the 5 Freeway
John Redfield with SRS Real Estate Partners’ Investment Properties Group represented the seller, La Caze Development, a SoCal-based developer. The buyer was repped by Jon Davis from SVN.
According to Redfield, this was a complex transaction that required an assumption of the leasehold position of the ground lease, a loan assumption with additional loan proceeds and modifications, and closing within the parameters of the buyer’s 1031 exchange timeline.
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