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2/19/26
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In news of a significant SoCal retail investment opportunity, we’ve learned that Burnham USA Equities has listed for sale LOCAL, a newly renovated and rebranded 46.2k sf lifestyle retail center in Mission Viejo. The property, located at 28321–28361 Marguerite Pkwy, is being offered at $29.7 mil.
Hanley Investment Group’s President Ed Hanley and Executive Vice President Kevin Fryman are leading the marketing efforts for the property, which is currently 98% occupied and positioned as one of South Orange County’s premier retail assets.
LOCAL recently underwent a comprehensive exterior renovation completed in 2022, along with a full rebranding initiative that elevated the center’s identity and strengthened its market positioning. Burnham invested substantial capital to modernize the center’s exterior, enhance tenant appeal and reposition LOCAL to cater to the affluent demographics of South Orange County, establishing the property as a stabilized, turnkey retail asset in one of the region’s most supply constrained trade areas.
LOCAL consists of two retail buildings on 4.17 acres: a 31.2k sf, three tenant building and a two story pad building totaling 15k sf. The tenant roster supports a merchandising strategy centered on home-furnishings, wellness and service oriented retailers, creating an environment that encourages longer visits and repeat customer traffic. Fitness and service tenants included in the offering help drive consistent daily visitation and diversify demand drivers, while Woodbridge Interiors, Starbucks and Pure Green, located within the center but excluded from the offering, further contribute to overall activity and cross shopping.
LOCAL is adjacent to The Shops at Mission Viejo, the region’s dominant enclosed mall, which attracts approximately 5.4 million annual visits (Placer.ai). Anchors include Nordstrom, Macy’s, Dick’s Sporting Goods, Round1, lululemon, Sephora and Tesla. A major redevelopment initiative is underway to introduce an outdoor village concept with open-air dining and landscaped gathering areas, scheduled for completion ahead of the 2026 holiday season.
The project also benefits from exceptional visibility and access, including approximately 500 linear feet of freeway oriented signage along the I 5 Fwy, prominent frontage along Marguerite Pkwy and a highly visible monument sign near the Crown Valley Pkwy exit. The center is less than half a mile from The Shops at Mission Viejo and offers convenient access to both the I 5 Fwy and the 73 Toll Road.
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