California + Orange County + Retail | January 6, 2022

Foothill Ranch Towne Centre Sale Pulls in Record Price PSF

The Chipotle-anchored multi-tenant retail pad located at Foothill Ranch Towne Centre in Orange County recently sold to a Glendale, CA private investor. The sale price was $8.2 million, which represented a record-low 4.58 percent cap rate and a record-high price per-square-foot for a multi-tenant pad (three tenants or more) in South Orange County.

Hanley Investment Group’s executive vice presidents Bill Asher and Jeff Lefko represented the seller, Thomas English Real Estate based in Indianapolis. The buyer was represented by Jack Nersesian at DAUM Commercial Real Estate Services in Los Angeles.

“We generated multiple competitive and qualified offers that facilitated securing a Los Angeles-based 1031-exchange buyer at 98 percent of the asking price,” said Asher.

The 6,873-square-foot multi-tenant retail building is located at 26592 Towne Centre Dr. on 0.99 acres in Foothill Ranch. The regional power center is anchored by Walmart Supercenter, Target, 99 Cents Only, Hobby Lobby, JOANN, Michaels, Old Navy, PetSmart and Regal Cinemas.

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Bill Asher

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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