Institutional Property Advisors Facilitates $23.5 Million Orange County Shopping Center Sale
“The center’s high long-time occupancy draws from an affluent customer base that generates nearly $16 billion in annual purchasing power,” said Bill Rose, IPA senior director. “Our marketing campaign created a highly competitive buyer pool resulting in several offers from private and institutional investors.” Rose and Marcus & Millichap’s Steven Siegel, Glen Kunofsky and Anthony D’Ambrosia represented the seller, a consortium of private investors. Rose procured the buyer, Cape Point Development. Damon Wyler, vice president and regional manager is Marcus & Millichap’s broker of record in California.
La Paz Village is located at the western intersection of Interstate 5 and La Paz Road, near the 5, 405, and 73 freeways, which carry approximately 315,000, 256,000, and 50,000 vehicles per day, respectively. Mission Viejo High School and La Paz Middle School are a quarter-mile away. There are 60,000-plus employers within a 20-minute drive time.
The center opened in 1974 and was refurbished in 2012. The tenant roster reflects the everyday living needs of the community.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.