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October 27, 2021
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ORANGE COUNTY NEWS
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OC Shopping Center Lands $17.5 Mil Refi

7/08/21

Tustin Heights Shopping Center, a 137.3k sf, shopping center anchored by Trader Joe’s in the OC city of Tustin, has been refinanced with a new loan for $17.55 mil. The center is owned by Kimco Realty Corp and an institutional real estate manager.

Completed in 1983 and renovated in 1993, Tustin Heights Shopping Center is 99% leased to an internet- and recession-resistant daily needs tenancy, including Trader Joe’s, Michael’s and Petco. The center is also home to a complimentary mix of national and regional tenants such as Sherwin-Williams, Sola Salon Studios, Rock & Brews, Welcome Dentistry, Pro Nails, 85 C Bakery Café, Jamba Juice, Subway, Sports Clips, Welcome Dentistry, Café Rio and more. Additionally, the center’s Smart & Final location is within the top 10 percentile of all Smart & Final locations in California, drawing an estimated 256,700 visitors annually, according to Placer.ai.

Tustin Heights Shopping Center is situated on 12.90 acres at 1076-1222 Irvine Blvd in a prime retail corridor in Tustin, a densely populated Southern California community. This highly visible location along Irvine Boulevard exposes the center to more than 33,700 vehicles a day. The property serves an affluent Orange County customer base that includes more than 201,000 residents within a three-mile radius earning an average annual household income of $127,144, more than double the national average.

John Marshall and Associate Samuel Godfrey with JLL Retail Capital Markets arranged the five-year, floating-rate loan with a national bank. According to JLL’s Chris Drew, retail debt capital markets remain aggressive for best-in-class shopping centers, even with multiple big-box retailers.






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