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December 6, 2019
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SOUTHERN CALIFORNIA NEWS
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Anchored Retail Center in Upscale Laguna Beach Sells at Record Price per Square Foot

11/08/19

Aliso Creek Shopping Center, a 49.1k sf, fully-leased community shopping center in Laguna Beach, has traded hands. The property, situated on 4.2 acres at 30814-30936 Pacific Coast Hwy, just north of Wesley Dr, was sold by LaSalle Investment Management.

Although a price was not given out, according to a local pro we talked to, the deal probably came in just above $57 mil, which we’re told would be a record price-per-square-foot for an Orange County-anchored shopping center of $1,160/sf, or even slightly above.

Anchored by CVS Pharmacy and shadow-anchored by Gelson’s Market, Aliso Creek Shopping Center is fully leased to a diverse mix of internet-resistant tenants. These include Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza.

Laguna Beach is one of the most affluent communities in Southern California with average household incomes exceeding $198,900 within a one-mile radius of the property and an average housing value of $2.2 mil. The location on Pacific Coast Highway places the center along one of the most prominent and well-traveled roads in the county, with traffic counts exceeding 36,000 vehicles day.

Gleb Lvovich, Bryan Ley and Daniel Tyner with JLL Capital Markets represented the seller in the deal. The buyer was not immediately identified.

“The sale of Aliso Creek Shopping Center represents a high watermark not only for Orange County but for anchored shopping centers along the West Coast,” Lvovich said. “The property generated extremely strong interest and a robust buyer pool with competitive offers from both private and institutional investors.”

“Aliso Creek Shopping Center offered investors the rare opportunity to acquire a coastal shopping center in Orange County, adjacent to one of the most highly desirable resorts in the western United States. Locations like this do not come available often,” Ley added. “But with it also being a grocery- and drug-anchored center, this is the sweet spot for investors today, making the marketing and offer process incredibly competitive, which lead to a terrific result for all parties.”






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