A retail center offering 24,974 square feet of space and a number of e-commerce resistant tenants has recently been placed up for sale in Mission Viejo. The shopping center, also called Marguerite Plaza, has been listed by SRS National Net Lease Group, with guidance pricing set at $10.3 million, or about $413 square feet.
Built in 1974, the property is located at 28892 Marguerite Parkway on 2.07 acres of land. According to property records, Marguerite Plaza is currently owned by O’Shea Family Trust, a local family investor. The company purchased the property in 2017 at an undisclosed rate.
Nearly fully occupied, the property maintains a diverse mix of service and restaurant retail tenants, including Core Power Yoga, Salon Centric, Zenko Sushi and more. The listing shows that the shopping center’s largest tenant is Core Power Yoga, which makes up roughly 22 percent of the tenants base. The lease also offers three percent annual rental increases.
“This ideal tenant base minimizes risk for a potential investor, and provides for consistent traffic into the property from the surrounding dense and affluent community,” the listing states.
Located in South Orange County, Marguerite Plaza is also closely situated to many other retail options, including Nordstrom, Macy’s, Apple, Burlington, DSW, The Home Depot and several others. The property is also located just off of Interstate 5, which sees nearly 290,000 vehicles per day.
The area is also home to a large population, with Saddleback College – which serves more than 20,000 students – just a half mile away. The surrounding five-mile trade area is supported by a dense population with nearly 284,000 residents and 105,000 employees.