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October 16, 2021
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ORANGE COUNTY NEWS
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Single-Tenant Michaels Store in South OC Sells for $194/sf

8/12/21

A 25k sf, single-tenant net-leased property occupied by Michaels in South Orange County sold for $4.85 mil ($194/sf). The building, shadow-anchored by Target, is located within the Foothill Ranch Towne Centre in Foothill Ranch.

Michaels is a junior anchor at the Foothill Ranch Towne Centre with neighboring tenants including Target, Walmart Supercenter, Hobby Lobby, Ralphs, At Home, Planet Fitness, Regal Cinemas, 99 Cents Only Stores, PetSmart, CVS, In-N-Out, JOANN Fabrics and Crafts, Raising Cane’s, Chick-fil-A, Del Taco and Dunkin’. The building was constructed in 1994 and sits on 2.63 acres at 26752 Portola Pkwy, at the signalized intersection of Portola Pkwy and Bake Pkwy.

Foothill Ranch is home to many notable, large companies including Oakley, Kawasaki Motors, Nike, LoanDepot, Panasonic Avionics, Cox Communications, Frito-Lay, Protab Laboratories, Kaiser Aluminum, Tae Technologies and more.

Eric Wohl and CJ Kiehler with Hanley Investment Group Real Estate Advisors represented the seller, two separate family trusts based in Southern California and Nevada. The buyer, a private investor based in Orange County, was repped by Mark Jerue and Craig Fitterer of Lee & Associates.

“We generated multiple qualified offers and secured a 1031 exchange buyer who was very familiar with the trade area,” said Wohl. “Michaels has a long-term operating history of more than 17 years at the shopping center and recently executed their second option.”

“Foothill Ranch Towne Centre is the dominant retail center that serves prominent neighboring cities and communities including Coto de Caza, Dove Canyon, Lake Forest, Irvine, OC Great Park, Mission Viejo, Portola Springs and Rancho Santa Margarita,” noted Wohl. Within a one-mile radius of the property, the average household income is more than $150,000 and there is a projected population growth of more than 31% in the next five years.

Foothill Ranch is home to many notable, large companies including Oakley, Kawasaki Motors, Nike, LoanDepot, Panasonic Avionics, Cox Communications, Frito-Lay, Protab Laboratories, Kaiser Aluminum, Tae Technologies and more.







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