SRS Completes Ground Lease Sale of OC Retail Property
SRS Real Estate Partners has represented La Caze Development in the $14.2 million ground lease sale of Lake Forest Marketplace, a 111,000-square-foot, multi-tenant retail property in Lake Forest, CA. The buyer, an undisclosed Orange County-based investor, was represented by SVN’s Jon Davis.
“This was a complex transaction that required a successful coordinated effort for the assumption of the leasehold position to the ground lease, a loan assumption with additional loan proceeds and modifications, and closing within the parameters of the buyer’s 1031 exchange timeline,” said SRS VP John Redfield who arranged the transaction.
Located at 23771 El Toro Road and just off Interstate 5, the property is situated within a dense retail corridor and is across the street from several shopping centers including The Arbor, The Orchard and Twin Peaks Plaza. Some of the nearby retailers include Home Depot, PetSmart, Ralph’s, Aldi and Nordstrom Rack.