ALISO VIEJO, CA—GlobeSt.com has learned exclusively that a Southern California-based partnership that has owned the property since it was constructed in 1997 has sold 26761 Aliso Creek Rd., a 25,960-square-foot property here, to Phoenix-based RPM Catalina & Tanque Verde LLC for $8.1 million. PetSmart has leased and occupied the property for the past 15 years.
The unique lease terms and existing debt structure on the property made for a very complicated marketing and subsequent negotiation process with prospective buyers, according to Dennis Vaccaro and Nicholas Coo of Faris Lee Investments, which represented the seller. Faris Lee actively walked each potential buyer through the documentation in order to provide clarity on an otherwise uncommon investment. The firm generated eight offers and selected the buyer because of its understanding of the lease terms and its motivation to close quickly since it was a 1031 exchange.
“We marketed this property as an asset with an excellent upside opportunity,” says Vaccaro. “The buyer assumed an existing loan on the property. The buyer has four years until the loan is paid off through the tenant lease payments. At that point, it will own the asset free and clear. As this is an outstanding piece of retail real estate in one of the most successful centers in South Orange County, the buyer is well positioned to experience excellent appreciation in value and equity.”
The single-tenant, absolute triple-net-leased asset is situated on 2.45 acres and is part of the Aliso Viejo Town Center, a 300-acre, 700,000-square-foot regional shopping center and one of the most dominant retail developments in Orange County. The center includes a 20-screen Edwards Stadium Theatre, Ralphs Fresh Fare, Trader Joe's, TJMaxx, Barnes & Noble, Pier 1 Imports and others.
Faris Lee has been involved in a number of complex retail transactions. As GlobeSt.com reported in February, Vaccaro was part of the team at Faris Lee that handled a joint-venture partnership for the fully leased Commons at Aliso Viejo Town Center in Aliso Viejo, as GlobeSt.com reported earlier that month. The transaction eventually solved the problem for new owner ARC, who had inherited the property when acquiring CapLease, the original owner, last year.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
