California + Orange County + Retail | August 13, 2021

Rare Single-Tenant Center Anchored by Michaels Sells in OC

A rare single-tenant net-leased investment occupied by Michaels in South Orange County recently sold for $4.85 million. The single-tenant Michaels is shadow-anchored by Target and located within the Foothill Ranch Towne Centre in Foothill Ranch, CA.

Hanley Investment Group’s Eric Wohl and CJ Kiehler represented the seller, two separate family trusts based in Southern California and Nevada. The buyer, a private investor based in Orange County, was represented by Mark Jerue and Craig Fitterer of Lee & Associates of Irvine.

“We generated multiple qualified offers and secured a 1031-Exchange buyer who was very familiar with the trade area,” said Wohl. “Michaels has a long-term operating history of more than 17 years at the shopping center and recently executed their second option.”

Connect

Inside The Story

Eric Wohl

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.

Order Reprints