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July 14, 2020
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Investor Nabs 122k sf Portion of OC Regional Retail Center


A private investment entity purchased a 121.9k sf portion of Foothill Ranch Towne Center, a 1 msf master-planned regional retail center anchored by Walmart and Target in Lake Forest. The center, located at 36532 Towne Center Dr, just north of the 241 Toll Rd at Portoloa Pkwy, traded for $22.25 mil, or $183/sf.

The portion sold by the NKF team is 100% occupied by five tenants including national credit tenant At Home Furnishings as anchor. The opening of At Home’s inaugural California location in Lake Forest underscores the strength of this south County community and directly benefits junior anchor tenant Petsmart, which recently exercised its second of four, five-year options. At Home and Petsmart are further complemented by Chipotle and Red Robin restaurants along with a nail salon.

Pete Bethea, Rob Ippolito and Glenn Rudy with Newmark Knight Frank represented the seller, Foothill Ranch LLC, in the transaction.

“The area has experienced explosive economic and residential growth with more than 13,000 new housing units across six residential developments in the immediate area,” said Rudy. “This investment within the dominant retail trade area among an affluent customer base with significant barriers to entry will serve as a strategic complement to the buyer’s retail portfolio in Southern California.”

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