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8/18/16
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Wesco Properties recently paid $13.69 mil for a retail property in Irvine, consisting of two single-tenant restaurant buildings totaling 12.6k sf on a 2.59-acre parcel. The buildings, located at 4020 and 4030 Barranca Pkwy, are both NNN-leased to national credit tenants, Mimi’s Café and Islands.
The property is situated near South Coast Plaza and the University of California Irvine, and is immediately adjacent to several fully leased Class A offices and community centers with very difficult barriers to entry. It offers steady, in-place income with potential for future repositioning or redevelopment.
Tony Dorn of Beitler Commercial Realty Services repped the buyer, a private all-cash 1031 exchange investor with substantial real estate holdings across the United States, Canada and Asia. Jeff Conover of Faris Lee Investments represented the seller, VR Irvine Pad LLC. The property traded at a 3.6% cap rate.
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