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4/22/25
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A 51.3k sf, former Orchard Supply Hardware-anchored shopping center in Mission Viejo was purchased by an OC-based regional grocery store operator in an $11.63 mil ($227/sf) deal. The property is located at 24011-24031 Marguerite Pkwy, at the intersection with Trabuco Rd.
Situated on a 3.42-acre parcel, the shopping center was built in 1973 and underwent a façade remodel in 2016. The 37.1k sf vacant Orchard Supply Hardware store comprises over 72% of the center’s total square footage. Current tenants include A Cut Above, Little Caesars, and Leslie’s Pool Supplies, all of whom have occupied the center for at least 10 years. Notably, Little Caesars and Leslie’s Pool Supplies have been tenants for 31 and 34 years, respectively, underscoring the center’s established presence.
The shopping center benefits from its location at a high-traffic, signalized intersection of Marguerite Parkway and Trabuco Road, which sees an average of 34,000 vehicles per day. Marguerite Parkway serves as a major arterial route connecting to and from the I-5 freeway and various parts of Mission Viejo.
Kevin Fryman, Bill Asher and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, a private investment company based in the Denver metro area. Michael Walseth with Walseth Investment Company repped the buyer in the deal. According to Fryman, the listing generated multiple competitive offers from private investors, mid-market buyers, and owner/users, ultimately leading to an all-cash private buyer.
“As the user of the space, our buyer was in a unique position to acquire the property and allow the seller the ability to monetize the vacant Lowe’s space,” Walseth commented. “A ’win-win‘ for both parties, maximizing proceeds to the seller, yet allowing the buyer a favorable basis well under replacement cost.”
Additionally, Walseth and Fryman successfully negotiated a structured closing to satisfy the buyer’s need for the approval of its planned use and enabled the seller to optimize their buyout agreement with Lowe’s (Orchard Supply Hardware), which had approximately 12 years remaining on its lease.
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