LAKE FOREST, Calif. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, has arranged the sale of the leasehold interest in Hunter Court, a 127,360-square-foot community shopping center anchored by CVS/pharmacy, Ross Dress For Less in Orange County, California. The property is located just off Interstate 5 at 23812-24442 Rockfield Boulevard in Lake Forest. The sale price could not be disclosed.
Hanley Investment Group Executive Vice President Jeremy McChesney represented the seller, Bershon Realty Company of Los Angeles. The buyer, Merlone Geier Partners of San Diego, represented itself.
Built in 1969 on 9.27 acres, the 98-percent occupied shopping center is situated at the signalized intersection of El Toro Road and Rockfield Boulevard with an average daily car count estimated at 75,000. National credit tenants CVS/pharmacy, Ross Dress For Less, Payless ShoeSource, Jack in the Box, Café Rio, Sally Beauty Supply, OneMain Financial and HearUSA at Hunter Court account for 66 percent of the total occupied space with an average occupancy of 25 years, according to McChesney.
The property has excellent exposure and identity along both El Toro Road and Rockfield Boulevard, McChesney noted.
Numerous capital improvements have been made in the recent years. Hunter Court’s parking lot was repaved and striped in 2016. New storefronts and canopies were added in 2015. McChesney added, “In 2013, Jack in the Box rebuilt its entire restaurant to its latest concept demonstrating a long-term commitment to the site.”
The property also benefits from the dense, affluent demographics. According to McChesney, “The five-mile trade area consists of over 280,000 people with household incomes in excess of $107,000.”
McChesney continues, “The Orange County retail investment market is still very strong. Properties along the coast with good real estate fundamentals and internet-resistant tenants will continue to command the highest prices in the market.”
About Merlone Geier Partners
Merlone Geier Partners is a vertically integrated and regionally focused firm co-headquartered in San Diego and San Francisco. The firm invests in West Coast retail properties and actively performs its own leasing, property management, construction management, design, and capital formation. Over the past 25 years, the firm has raised $4.3 billion of discretionary equity capital, acquiring 155 properties representing in excess of 27 million square feet. Visit https://www.merlonegeier.com for more information.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
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