Called the Foothill Center, the retail property comprises 19,402 sf at 20651-20671 Lake Forest Dr. Reza Etedali of the Irvine office of Sperry Van Ness represented both the buyer and the seller, Pacific Castle Group LLC of Irvine.
Built in 1990, the Foothill Center is situated close to the South Orange County Transportation Corridor (Route 241) as well as the Santa Ana (I-5) and San Diego (405) freeways. It is 97% leased to key tenants including Baja Fresh, Foothill Dry Cleaners, Enterprise Rent-A-Car and Washabi Japanese Restaurant. The seller had owned it for four years.
The transaction closed at more than $219 per sf, a price that well-leased retail centers in Orange County are achieving routinely today, according to area brokers.
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