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8/25/20
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ValueRock has awarded the leasing assignment for five Orange County retail properties totaling approximately 2.2 msf to Newmark Knight Frank. The portfolio is comprised of The Commons at Aliso Viejo, Moulton Plaza, Lake Forest Gateway, Larwin Square and Valley View Center. NKF’s Bill Bauman, Bryan Norcott and Mark Baziak will market the space.
The portfolio comprises the following properties/responsibilities:
• The Commons at Aliso Viejo, located at 26501 Aliso Creek Rd: a proposed 1.9 msf, mixed-use redevelopment, including over 200k sf of immediately available retail.
• Moulton Plaza, situated at 23535-23601 Moulton Pkwy in Laguna Hills: assignment entails the repositioning of a 155k sf center.
• Lake Forest Gateway, located at 23600 Rockfield Blvd: a fully redeveloped 77.9k sf property
• Larwin Square, located at 501 E. 1st Street in Tustin: assignment includes representing the center’s 41.4k sf of anchor space.
• Valley View Center, located at 17474-17568 Yorba Linda Blvd: leasing includes 45.4k sf anchor opportunity.
Orange County’s total retail vacancy of 4.1% increased 30 basis points from one year ago as a result of negative absorption, while the average asking rental rate across all retail property subtypes increased 6.2% over the same period, according to NKF Research. Fundamentals have remained healthy as tenants have backfilled the vacated spaces and developers have capitalized on the opportunity to transform vacant, big-box spaces to appeal to shoppers.
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