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3/21/16
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Here’s the scoop on a couple of recent SoCal retail property comps, one in Orange County and the other in San Diego.
We’ll start in the OC community of Lake Forest, where a 6k sf, two-tenant NNN-leased property sold for $2.9 mil, or $483/sf. Built in 2002, the property is situated on .69 acres at 29100 Portola Pkwy, between El Toro Rd and the 241 Toll Rd.
The property is fully occupied by two tenants: Clineva Urgent Care and Patchs Coffee. It is well-located at a signalized intersection of Portola Pkwy and Saddleback Pkwy. Nearby retailers include Walmart, Target, T.J. Maxx, Starbucks and many others.
David L. Kluver with NGKF represented the buyer, Amkly Enterprises LLC. The seller was Salok CA LLC. According to Kluver, the buyer plans to hold this asset for the long-term.
In downtown San Diego, a 4k sf restaurant building in the area’s East Village neighborhood sold for $2.35 mil ($588/sf). The property is at 369 10th Ave, south of Market St and only a block from PETCO Park.
The buyer, American National Investments Inc, plans to operate a restaurant at the property. Retail Insite represented the seller in this transaction.
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