TRADE Marketplace, a nearly fully occupied retail center in the heart of the Irvine Business Complex, could soon be under new ownership. A property brochure from JLL shows that the property, located at 2222 Michelson Drive, has recently been placed on the market.
While JLL did not disclose guidance pricing for the 32,560 square foot retail center, property records show that it last traded hands in 2019. At that time, it was acquired by an entity associated with Daiwa House Group for $30.75 million, or about $944 per square foot.
The property was initially built in 1989 but has received renovations as recent as 2017, according to marketing information. The property is currently 97.5% leased, with a diverse tenant mix that includes cosmetic service providers, financial services firms, and a significant number of restaurants. The property also features a shared food hall and patio that occupies 5,971 square feet of the total space. Other tenants include Ootoro Sushi, Subway, Domino’s, Thai Body Works, M&J Hair Salon and many others.
With its location in the Irvine Business Complex, the center serves a daytime population of more than 240,000 people. The shopping center is located among a number of high-rise office buildings, with approximately 80,000 employees working within close proximity of the site. The property is also closely situated to John Wayne Airport and Interstate 405.
In general, the area has seen significant growth, with over 7,800 multifamily units delivered since 2017 and an additional 3,772 units under construction that will be delivered by 2024. Despite the large population, the region lacks retail, with just 2.4 percent of land within a one-mile radius of the property zoned for retail, according to JLL.