Throughout Southern California, a number of retail properties continue to be placed on the market. In Orange County, one property that was recently placed up for sale is the 111,212 square foot Lake Forest Marketplace. According to the property listing by SRS Investment Properties Group, the Lake Forest retail asset has been placed on the market for $16.95 million, or about $152 per square foot.
The property is located at 23771-23841 El Toro Road and was initially constructed in 1967. Most recently, the property was renovated in 2017 by its current owner, Oak Pass Capital Management, which acquired the retail center in 2012, according to its website.
The retail center is fully occupied, with tenants including Dunkin’, Bank of America, Harbor Freight, Del Taco, Guitar Center and others. Currently, tenants offer a net operating income of $1.25 million.
Overall, the property hosts a number of long term tenants, with several of them having operated at their locations for more than 20 years. However, Island Pacific Seafood Grocery recently signed a brand new 10-year lease at the property with two five-year extension options.
Lake Forest Marketplace is located at the intersection of Rockfield Boulevard and El Toro Road, which sees an average of 79,700 vehicles per day. Nearby is Interstate 5, which also sees about 364,700 vehicles per day, according to the offering memorandum. Located nearby are also several other shopping centers including 173,119 square foot The Arbor, the 279,827 square foot The Orchard retail center and the 288,204 square foot Twin Peaks Plaza.
The property is surrounded by a number of single family and multifamily housing developments as well, with 310,600 people with an average household income of $142,371 per year residing within a five-mile radius.
