A private family has paid $4.5 million in a 1031 exchange for a 9,996-square-foot retail center in the Orange County suburb of Lake Forest, Calif. Lee & Associates-LA North/Ventura Principal Cory Stehr worked on behalf of the seller, a private investor. According to Stehr, the asset traded for one of the highest per-square-foot-prices for a retail property in the city.
The retail center is located at 21991 El Toro Road, on the city’s main commercial street and in a dense residential area, which is expected to deliver roughly 4,000 new homes over the next couple of years, according to Stehr. This expansion will result in a growth of the local retail market. The asset was completed in 1984, comprises 578 feet of frontage and includes 40 parking spaces.
Recently, another team from the brokerage company has arranged two leases in Ontario, Calif., on behalf of the landlord. Alere Property Group welcomed Technical Consumer Products and Esperia Holdings.
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