SRS Real Estate Partners’ investment properties group has brokered the sale of the Avery Center, a fully occupied shopping center in Mission Viejo. To maximize value for the seller, the brokerage firm used a break-up strategy, selling the asset in two parts.
The firm sold a 16,568-square-foot sold portion of the center, which has just closed for $12.95 million. It also sold an adjacent 16,000-square-foot portion, which closed at a cap rate of 3.71%
SRS’ investment properties group managing principals Patrick Luther and Matthew Mousavi represented the seller Pacific Castle in the deal. John Martin of Lee & Associates represented the Orange County-based buyer, which acquired the property as a long-term hold.