Friday, August 31, 2018

Hanley Investment Group Arranges Sale of 127,000-SF Leasehold Shopping Center in Lake Forest, Orange County, CA

Hunter Court, Lake Forest, Orange County, CA

LAKE FOREST, CA - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, has arranged the sale of the leasehold interest in Hunter Court, a 127,360-square-foot community shopping center anchored by CVS/pharmacy, Ross Dress For Less in Orange County, California.

Jeremy McChesney
The property is located just off Interstate 5 at 23812---24442 Rockfield Boulevard in Lake Forest. The sale price could not be disclosed.

Hanley Investment Group Executive Vice President Jeremy McChesney represented the seller, Bershon Realty Company of Los Angeles. The buyer, Merlone Geier Partners of San Diego, represented itself.

Built in 1969 on 9.27 acres, the 98-percent occupied shopping center is situated at the signalized intersection of El Toro Road and Rockfield Boulevard with an average daily car count estimated at 75,000.

 National credit tenants CVS/pharmacy, Ross Dress For Less, Payless ShoeSource, Jack in the Box, CafĂ© Rio, Sally Beauty Supply, OneMain Financial and HearUSA at Hunter Court account for 66 percent of the total occupied space with an average occupancy of 25 years, according to McChesney.  

The property has excellent exposure and identity along both El Toro Road and Rockfield Boulevard, McChesney noted.

Numerous capital improvements have been made in the recent years. Hunter Court’s parking lot was repaved and striped in 2016. New storefronts and canopies were added in 2015.

McChesney added, “In 2013, Jack in the Box rebuilt its entire restaurant to its latest concept demonstrating a long-term commitment to the site.”

The property also benefits from the dense, affluent demographics. According to McChesney, “The five-mile trade area consists of over 280,000 people with household incomes in excess of $107,000.”

McChesney continues, “The Orange County retail investment market is still very strong. Properties along the coast with good real estate fundamentals and internet-resistant tenants will continue to command the highest prices in the market.”


Anne Monaghan

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