A two-tenant 26,202-square-foot retail property located at 26911 to 26921 Trabuco Rd. in Mission Viejo recently sold for $11 million. The property is part of Alicia Trabuco Plaza with Smart & Final serving as the anchor to the 66,650-square-foot center.
The property is fully occupied by Smart & Final (89 percent) and Saddleback Carpet & Flooring (11 percent). Other tenants within the center include CVS Pharmacy and Bank of America.
SRS Real Estate Partners National Net Lease Group’s Matthew Mousavi and Patrick Luther represented the seller, Starpoint Properties as well as the buyer, a Hawaii-based private investor. The closing cap rate was 5.23 percent.
“This was a significant south Orange County transaction as retail assets like this rarely come to market here,” said Mousavi. “The strength of the tenants – which both have a number of years remaining on their leases – and the densely populated Mission Viejo location attracted a considerable amount of interest and offers from investors across the country. With minimal landlord responsibilities, this property will provide the new ownership with a cash-flowing stabilized asset in an affluent master-planned area of Orange County that continues to see housing demand and property appreciation.”