{"id":1004760300,"date":"2025-06-03T03:54:08","date_gmt":"2025-06-03T11:54:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004760300"},"modified":"2025-06-03T03:54:10","modified_gmt":"2025-06-03T11:54:10","slug":"irvine-co-lands-70m-for-orange-county-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/irvine-co-lands-70m-for-orange-county-retail-center\/","title":{"rendered":"Irvine Co. Lands $70M for Orange County Retail Center"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004760304\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/northpark-plaza-in-irvine-calif-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif-edited.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Northpark Plaza in Irvine, Calif.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif-edited.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif-edited.jpg\" alt=\"Exterior shot of one of the five buildings at Northpark Plaza, a 125,642-square-foot retail center in Irvine, Calif.\" class=\"wp-image-1004760304\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif-edited.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Northpark-Plaza-in-Irvine-Calif-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">A 52,120-square-foot H Mart anchors Northpark Plaza. <br><em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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. <\/p>\n\n\n\n<p>City National Bank issued the note. Previous debt included a $52 million loan originated by Guardian Life 10 years ago, the same source shows. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>A 52,120-square-foot H Mart store that opened in 2023 anchors the retail center. The roster also features CVS Pharmacy, AT&amp;T, Subway, Starbucks, Chipotle Mexican Grill and MooMoo Hot Pot.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/why-investors-are-hungry-for-grocery-anchored-retail\/\">Why Investors Are Hungry for Grocery-Anchored Retail<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Last month, <a href=\"https:\/\/www.commercialsearch.com\/news\/whole-foods-anchored-phoenix-retail-center-secures-refi\/\">City National Bank originated<\/a> 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-tight-retail-market\">A tight retail market<\/h2>\n\n\n\n<p>Orange County&#8217;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&#8217;s tightening, especially since there were no new retail space completions during that three-month interval.<\/p>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>City National Bank issued the note, according to CommercialEdge information.<\/p>\n","protected":false},"author":3619,"featured_media":1004760304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,34267,21749,15],"tags":[33195,33749],"class_list":["post-1004760300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-orange-county","category-retail","category-west","tag-city-national-bank","tag-irvine-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Irvine Co. 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