Foothill Ranch Towne Centre Sold: Chipotle Anchors Retail Space

Lake Forest CA

10 January, 2022

12:19 PM

Description

FOOTHILL RANCH, CA — The Chipotle-anchored multi-tenant retail pad in Foothill Ranch Towne Centre has sold for $8.2 million, the Hanley Investment Group Real Estate Advisors announced Monday. Foothill Ranch Towne Centre is a regional power center anchored by Walmart Supercenter, Target, 99 Cents Only, Hobby Lobby, JOANN, Michaels, Old Navy, PetSmart and Regal Cinemas. The sale was a record-high price per square foot for a multi-tenant pad in South Orange County, California, the Hanley Investment Group Vice Presidents Bill Asher and Jeff Lefko say. The buyer was a private investor from Glendale, California. "We generated multiple competitive and qualified offers that facilitated securing a Los Angeles-based 1031 exchange buyer at 98% of the asking price," Asher said. The 6,873-square-foot multi-tenant retail building is located at 26592 Towne Centre Drive. It is 100 percent leased to Chipotle with a drive-thru, Firehouse Subs and Guidepost Montessori recently renovated. Each tenant is in a long-term lease, he says. Chipotle is one of the most sought-after retail tenants from investors in today's market, according to Asher. At this center, Chipotle incorporated their new 'Chipotlane' concept, with a drive-thru option to the formerly dine-in fast food concept. The shopping center serves prominent neighboring cities and communities, including Coto de Caza, Dove Canyon, Irvine, Irvine Great Park, Mission Viejo, Portola Springs and Rancho Santa Margarita. Foothill Ranch is home to Oakley, Kawasaki Motors, Nike, LoanDepot, Panasonic Avionics, Cox Communications, Frito-Lay, Protab Laboratories, Kaiser Aluminum, Tae Technologies and more. Earlier in the summer, Hanley Investment Group completed the sale of the Michaels at Foothill Ranch Towne Centre as a single-tenant net-leased investment. The sale price was $4,850,000.