MISSION VIEJO, CA-- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of three single-tenant buildings that are pad sites to the Trabuco Hills Shopping Center. (top right photo)The sales price of $14.4 million represents $594 per square foot and a cap rate of 6.21 percent.
Scott Hook, first vice president investments and a senior director of the firm’s National Retail Group in Newport Beach, represented the buyer.
“The buyer assumed an attractive loan with a 5.7 percent interest-only fixed rate until 2016 with $5.1 million down and purchased one of the premier properties in a coveted South Orange County submarket,” says Hook. “The buyer’s purchase partially satisfied a 1031 tax- deferred exchange.”
The pad sites are located in Mission Viejo at 27785, 27845 and 27865 Santa Margarita Pkwy.
This northwestern corner of Santa Margarita Pkwy. and Marguerite Pkwy. receives excellent frontage and visibility from these two main thoroughfares.
The location is between State Highway 241, known as the Foothill Transportation Corridor, and Interstate 5, the San Diego Freeway, in Southern Orange County.
Current tenants at the sites are Walgreens, Ramona Tire and Claim Jumper. The sites are a part of Trabuco Hills Shopping Center, Mission Viejo’s premier neighborhood shopping center.
The population within a three-mile radius is greater than 134,000 and the average household income is in excess of $105,000.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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