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OC Grocery Operator Acquires Value-Add Mission Viejo Center
Hanley Investment Group Real Estate Advisors and Walseth Investment Company completed the sale of a 51,312-square-foot former Orchard Supply Hardware-anchored shopping center in Mission Viejo. Located at 24011-24031 Marguerite Pkwy., the property sold for $11.63 million.
Hanley EVPs Kevin Fryman and Bill Asher, along with president Ed Hanley, represented the seller, a private investment company based in the Denver metro area. Walseth Investment Company president Michael Walseth represented the buyer, an Orange County-based regional grocery store operator.
“We procured multiple competitive offers from private investors, mid-market buyers and owner/users, ultimately securing an all-cash private buyer,” said Fryman. “This transaction involved navigating and resolving several complex challenges.”
Walseth added, “As the user of the space, our buyer was in a unique position to acquire the property and allow the seller the ability to monetize the vacant Lowe’s space. A ’win-win‘ for both parties, maximizing proceeds to the seller, yet allowing the buyer a favorable basis well under replacement cost.”
- ◦Sale/Acquisition
