June 6, 2019
SRS Real Estate Partners’ Investment Properties Group completed the $12.95 million sale of the shops component within Avery Center in Mission Viejo, CA. The 16,568-square-foot sold portion includes two fully-occupied retail buildings located at 28601 to 28621 Marguerite Pkwy.
Built in 1977 with an extensive renovation completed in 2016, the asset’s triple-net leased tenants include Jimmy John’s, Epic Wings, Broken Yolk Café, and Big Grill Mongolian BBQ, along with four local retailers.
SRS’ Patrick Luther and Matthew Mousavi represented the seller, Pacific Castle, an Orange County-based privately held real estate investment company. Lee & Associates’ John Martin represented the undisclosed Orange County-based family who acquired the property as a long-term hold.
Luther says, “By breaking up the center, we were able to maximize value for the seller and expand the buyer pool, as both multi-tenant and single-tenant retail assets in key markets like Mission Viejo are highly coveted.”
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