March 14, 2017
South Pasadena, CA-based Kutzer Company and OPC Acquisition 2 LLC sold the leasehold interest in Lake Forest Marketplace to an undisclosed high net worth investor for $9 million. The 110,322-square-foot, neighborhood shopping center is situated on two parcels totaling 8.8 acres at 23771 El Toro Rd. in Lake Forest, CA.
The 100%-occupied, institutional-quality center has 22 tenants. Lake Forest Marketplace’s tenant mix is roughly 75% weighted towards nationally and regionally recognized retailers, including 99 Cents Only, Guitar Center, Del Taco and Dunkin’ Donuts.
Cushman & Wakefield’s Dixie Walker and Charley Simpson represented the buyer and seller.
Walker said, “Long term stabilized tenancy and irreplaceable location with significant barriers to entry make this a high quality long term investment. More than 60% of the incoming stream is generated by the nationally recognized tenants, and over 70% consists of tenants who have been at the center for over 10 years.”
For comments, questions or concerns, please contact Dennis Kaiser