Dixie Walker and Michael Randall, both with Grubb & Ellis Co. in Newport Beach, represented the buyer and the seller. Walker tells GlobeSt.com that in addition to the two large tenants that the power center has potential for more development because it sits on a 30-acre parcel, the likes of which would be difficult to find in Orange County today. "There just aren't a lot of sites like this available in the county today, either in in terms of its size or in terms of its location," he says of the center, built in the 1980s. The parcel is positioned in the type of densely developed, high-traffic area sought by retailers like Home Depot, Sam's Club and others that require large tracts for their huge stores.

The center's 589,078 sf includes additional warehouse space, storage yards and out-buildings occupied by Home Depot as well as its 150,000-sf retail store and garden center. The Sam's Club store comprises about 192,000 sf of retail space.

Home Depot's lease runs for another three years and the Sam's Club lease has about four years left on its term. Both are excellent locations for the retailers, according to Walker, who says both stores post top sales results at the locations.