Investors Covet OC Retail
Office might be recovering, but OC retail already has, as far as investors are concerned. "Prices for coveted Orange County retail properties are certainly on the rise," Faris Lee Investment senior managing director Dennis Vaccaro tells us. "We've seen a strong increase in demand over the past few months for all categories of retail properties."
Recently Dennis and colleague Christopher Tramontano repped the seller, a Novato-based LLC, as well as the buyer, an LA-based LLC, in the $6.7M sale of the 16.8k SF 26731 Aliso Creek Rd in Aliso Viejo. Built in 1999, the property is 93% occupied, with Stadium Brewing Co the largest tenant. Dennis says the property was on the market for only three days and that the buyer had been seeking a property like it in the immediate area for several years. (The lesson here is never turn off your phone.) Properties within Aliso Viejo Town Center don't go on the market very often, he adds, and when they do they're considered secure investments, with little future competing development possible in the area.
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