A Hawaii-based private investor paid $11 mil for a two-tenant, 26.2k sf ($420/sf) retail property in Mission Viejo. Located at 26911 to 26921 Trabuco Rd, the property is fully occupied by Smart & Final (89%) and Saddleback Carpet & Flooring (11%).
The property is part of Alicia Trabuco Plaza with Smart & Final serving as the anchor to the 66.7k sf center. Other tenants within the entire center include CVS Pharmacy and Bank of America.
Built in 1974, the property is situated on just under two acres at the signalized intersection of Trabuco Rd and Alicia Pkwy. The asset is within a densely populated area with more than 335,000 residents and 174,000 employees within a five-mile radius.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the buyer and the seller, Starpoint Properties. The closing cap rate was 5.23%.
“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.”