La Caze Improvement has offered the leasehold possession of Lake Forest Market, a 111,212-square-foot, multi-tenant retail middle in Lake Forest, Calif. A non-public investor acquired the absolutely leased asset beneath a 95-year unsubordinated internet floor lease via a 1031 alternate.
SRS Actual Property Companions Senior Vice President John Redfield brokered the $14.2 million transaction on behalf of the vendor, whereas SVN Senior Vice President Jon Davis represented the customer, which additionally assumed the present $9.4 million mortgage on the property, originated by StanCorp Monetary Group, in response to CommercialEdge.
Located at 23831 El Toro Street on a 10-acre website adjoining to Interstate 5, Lake Forest Market is inside a dense retail hall and near different procuring facilities, together with The Arbor, The Orchard and Twin Peaks Plaza. The property’s tenant roster consists of 99 Cents Solely, Guitar Heart, Island Pacific, Harbor Freight Instruments, Financial institution of America, Del Taco and Dunkin’ Donuts, amongst others.
Within the fourth quarter of final yr, Orange County’s retail market had a emptiness price of 4 % and confirmed optimistic internet absorption, with 12,845 sq. ft being absorbed by the top of 2022, as reported by Kidder Matthews. Property out there traded at a price of $322.06 per sq. foot. Lake Forest Market was offered at a below-market asking value, at $127.68.