An OC-based family investment entity purchased the 16.6k sf shops component within Avery Center in Mission Viejo for $12.95 mil, or $780/sf. The acquisition includes two fully occupied retail buildings located at 28601 to 28621 Marguerite Pkwy. They were sold by Pacific Castle, also out of Orange County.
Built in 1977 with an extensive renovation completed in 2016, the asset’s NNN-leased tenants include Jimmy John’s, Epic Wings, Broken Yolk Café, and Big Grill Mongolian BBQ, along with four local retailers.
Located at the signalized intersection of Marguerite Pkwy and Avery Pkwy, the property sees more than 61,000 vehicles daily. It is also located just off the 5 Fwy and is about one mile from Saddleback College, Mission Hospital, and the 1.15 msf regional retail center, The Shops at Mission Viejo.
SRS Investment Properties Group’s Patrick Luther and Matthew Mousavi represented Pacific Castle in the deal. John Martin of Lee & Associates repped the buyer, who made the buy as a long-term hold. Additionally, SRS’ Terrison Quinn advised the seller on repositioning the renovated center and other leasing activities.
“This multi-tenant transaction was part of a larger break-up strategy for the center,” said Mousavi. “SRS recently handled the sale of the adjacent 16k sf, two-story building to First Citizens Bank, as well as a freestanding Del Taco building that sold for a 3.71% cap rate. The final part of the break-up that is currently in escrow is the freestanding Jack in the Box property that will close soon.”