Newport Beach, CA – SRS Real Estate Partners’ Investment Properties Group (IPG) announced today it has completed the $14.2 million ground lease (leasehold ownership) sale of Lake Forest Marketplace, a 111,212-square-foot, multi-tenant retail property located at 23771 to 23841 El Toro Road in Lake Forest, CA (south Orange County.)
SRS NNLG and IPG Senior Vice President John Redfield represented the seller, La Caze Development, a Southern California-based developer. The buyer, an Orange County-based private investor, was represented by Jon Davis from SVN.
Lake Forest Marketplace is situated on just over 10 acres and is fully occupied by tenants including 99 Cents Only, Guitar Center, Island Pacific, Harbor Freight Tools, Bank of America, Del Taco, and Dunkin’ Donuts, among others.
“SRS’ leasing team run by Terrison Quinn and Casey Mahony did a great job of signing Island Pacific along with others to bring this property to 100% occupancy which helped maximize proceeds for the seller,” said Redfield. “This was a complex transaction that required a successful coordinated effort for the assumption of the leasehold position of the ground lease, a loan assumption with additional loan proceeds and modifications, and closing within the parameters of the buyer’s 1031 exchange timeline.”
The property is situated within a dense retail corridor and is directly across the street from several shopping centers including The Arbor, The Orchard and Twin Peaks Plaza. Other nearby retailers include Home Depot, PetSmart, Ralphs, Big 5 Sporting Goods, ALDI and Nordstrom Rack to name a few. The site is also directly off the 5 Freeway
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.9 billion in deal volume comprised of 760 transactions in 48 states. SRS currently has in excess of 445 properties actively on the market with a market value surpassing $2.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 760 sales across 48 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns.
