IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $3.7 million sale of The Shops at Pacific Park (top left photo), a 15,195 square foot multi-tenant retail and office strip center in Aliso Viejo, Calif.
Built in 1999 and situated on 1.18 acres, the property is located at 22912 Pacific Park Drive. The property, which was sold through receivership, is 88 percent occupied and includes a mix of dining, retail, and office tenants.
Dennis Vaccaro and Rich Walter (middle right photo) of Faris Lee Investments represented Overland Park KS-based Key Bank and the receiver for the property. Dennis Vaccaro and Matt Mousavi of Faris Lee Investments represented the buyer, Feldspar LLC from Newport Beach, Calif. who paid all cash.
Vaccaro added that the buyer was attracted to the asset as it presented a rare south Orange County ownership opportunity as well as significant upside potential through rental increases and new tenanting options.
The Shops at Pacific Park has two points of access along Aliso Viejo Parkway and two points of access along Pacific Park Drive, sharing access with the adjacent El Pollo Loco and Chevron.
The community is divided by the San Joaquin Hills Transportation Corridor (SR-73) which extends to the northwest connecting Aliso Viejo to cities such as Costa Mesa, Irvine, and Newport Beach, and to the southeast connecting to San Juan Capistrano and offering access to San Diego County.
The City is bordered on the west by Laguna Beach, on the east by the Cities of Laguna Niguel and Laguna Hills, and on the north by the City of Laguna Woods.
For more information, please visit http://www.farislee.com./
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments
