Irvine Co. Lands $70M for Orange County Retail Center
City National Bank issued the note, according to CommercialEdge information.
Image courtesy of CommercialEdge
Irvine Co. has obtained $70 million for the refinancing of Northpark Plaza, a 125,642-square-foot retail center in Irvine, Calif., according to CommercialEdge information.
City National Bank issued the note. Previous debt included a $52 million loan originated by Guardian Life 10 years ago, the same source shows.
Northpark Plaza came online in 2002 at 3931 Irvine Blvd. in the Central Orange County submarket. The 15-acre, five-building property has 3.4 million annual visits.
A 52,120-square-foot H Mart store that opened in 2023 anchors the retail center. The roster also features CVS Pharmacy, AT&T, Subway, Starbucks, Chipotle Mexican Grill and MooMoo Hot Pot.
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Northpark Plaza is across from Hicks Canyon Park and close to State Route 261, serving a population of approximately 229,000 residents with average household incomes of $187,000 per year, according to the ownership. Downtown Irvine is some 5 miles southwest.
Last month, City National Bank originated another refinancing loan for a grocery-anchored retail center, a 92,622-square-foot property in Scottsdale, Ariz. A Whole Foods Market is scheduled to open on premises in early 2026.
A tight retail market
Orange County’s retail market had a 3.7 percent vacancy rate in the first quarter of this year, down 10 basis points over the quarter, according to a CBRE report. This indicates the sector’s tightening, especially since there were no new retail space completions during that three-month interval.
The average asking rent for retail was at $2.68 per square foot at the end of March, up $0.11 from the fourth quarter of 2024. Central Orange County had the lowest asking rents, averaging $2.37 per square foot.
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