Newport Beach, CA (June 5, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the $12.95 million sale of the shops component within Avery Center. The 16,568-square-foot sold portion includes two fully occupied retail buildings located at 28601 to 28621 Marguerite Parkway in Mission Viejo, CA (south Orange County). Built in 1977 with an extensive renovation completed in 2016, the asset’s triple-net leased tenants include Jimmy John’s, Epic Wings, Broken Yolk Café, and Big Grill Mongolian BBQ, along with four local retailers.
SRS’ Investment Properties Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller, Pacific Castle, a privately held real estate investment company based in Orange County. John Martin of Lee & Associates represented the Orange County-based family who acquired the property as a long-term hold. Additionally, Terrison Quinn, who leads the Project Leasing team for SRS in Southern California, was responsible for advising the seller on repositioning the renovated center and leasing activities that secured ecommerce-resistant tenants ideally suited for the surrounding community.
“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 16,000-square-foot two-story building to First Citizens Bank, as well as a freestanding Del Taco building that sold for a 3.71 percent 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. With Mission Viejo being a master-planned community with high barriers to entry, we were able to generate a substantial amount of buyer interest.”
Luther added, “By breaking up the center, we were able to maximize value for the seller and expand the buyer pool as both multi-tenant and single-tenant retail assets in key markets like Mission Viejo are highly coveted. Furthermore, with SRS’ leasing presence in this market, along with Terrison Quinn leasing this project specifically in conjunction with the renovation, we had in depth knowledge of the live deals taking place in this submarket.”
Located at the signalized intersection of Marguerite Parkway and Avery Parkway, the property sees more than 61,000 vehicles daily. It is also located just off the 5 freeway and is about one-mile from Saddleback College, Mission Hospital, and the 1.15 million-square-foot regional retail center, The Shops at Mission Viejo.
SRS’ Investment Properties Group and National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.