An Irvine-based private investor purchased a two-story, 25k sf retail and medical building within Aliso Viejo Town Center, a 380k sf community center in Aliso Viejo, for $9.4 mil ($376/sf). The center is anchored by Ralphs, CVS Pharmacy, Staples, TJ Maxx, HomeGoods, PetSmart, and Regal Cinemas.
Located at 26711 Aliso Creek Rd, the building was built in 2004 and sits on a 2.04-acre parcel. National and regional tenants in the building include Buffalo Wild Wings, Active Med Supply, Cold Stone Creamery, F45 Training, and Kidcreate Studio. Buffalo Wild Wings has successfully operated in the center since 2011. The building also houses three dental offices, which have been in operation since the property was built.
Aliso Viejo Town Center is 97% occupied. Additional tenants include Advance Auto Parts, Barnes & Noble, Dollar Tree, Hoag Health Center, O’Reilly Auto Parts, Chick-fil-A, Raising Cane’s Chicken Fingers, Café Rio, Chase Bank, Chili’s Grill & Bar, Del Taco, Nekter Juice Bar, Opah, Panda Express, Sgt. Peperoni’s Pizza, Subway, The Habit Burger, Urban Plates, and Wahoo’s Fish Taco.
Aliso Viejo Town Center ranks in the top 2% in foot traffic for shopping centers nationwide, according to Placer.ai. Also, CVS Pharmacy ranks nationwide #104 out of 7,096 (98th percentile); Ralphs ranks #3 out of 46 within a 30-mile radius (95th percentile); TJ Maxx ranks nationwide #67 out of 1,123 (94th percentile); and Regal Cinemas ranks nationwide at #47 out of 364 (87th percentile).
Nearby retail destination anchor draws include Costco, Hobby Lobby, The Home Depot, Marshalls, Kohl’s, Old Navy, Pavilions, Petco, Sprouts, Stater Bros, Target, Walmart, and Whole Foods. Additionally, a 362-unit housing development is planned to be completed in 2024 across the street from Aliso Viejo Town Center, in a shopping center anchored by Trader Joe’s and 99 Ranch Market. A Tesla dealership and a Walgreens-anchored center are also nearby.
Sean Cox and Kevin Fryman with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in San Francisco. The buyer was repped by Alton Burgess with Voit Real Estate Services in Irvine. According to Cos, the listing generated eight qualified offers.
Discussing the current retail investment market, Fryman observed, “We are witnessing a significant rise in buyer activity across the board. This surge is primarily driven by the desire to capture year-end tax benefits and the recent drop in interest rates, which are anticipated to continue their downward trend through 2024 and into 2025. With interest rates on the decline, investors are actively seeking new opportunities to enter the market and benefit from more favorable financing terms.”
|
Printer-friendly Version
Email an Associate
Return to the Archive page
