Talega Generates $29M In Five Parcels

SAN CLEMENTE, CA-The Courtyards at Talega, a 55,551-sf mixed-use center, has sold for $3 million more than the pro forma price for developer Caliber Retail Properties Group of Newport Beach, according to Faris Lee Investments, which marketed the property in five parcels in an effort to generate a higher return. The Faris Lee team that brokered the property on behalf of Caliber included Richard J. Walter, Dennis Vaccaro and Patrick Kent.Located at 1001-1051 Avenida Pico, the Courtyards at Talega includes six buildings situated at the entrance to the 3,500-acre master-planned community of Talega. Built in two phases, the center's 17,990-sf first phase was completed in early 2003 and the second 37,561-sf, five-building second phase was completed in early 2004.The break-up consisted of four individual buildings as four separate offerings and the last offering containing two buildings. The center features a balance of retail, restaurants, commercial, medical and financial services. The five transactions included the $5.6-million sale of a 9,200-sf final parcel including two, one-story retail buildings anchored by Wells Fargo Financial at Talega 1011 and 1041 Avenida Pico; the $10.5-million sale of 17,990-sf, two-story retail building occupied by Starbuck's, Quizno's and Tarbell Realtors at 1001 Avenida Pico; the $2.2-million sale of a 3,344-sf building occupied by Z Pizza, Charo Chicken and Bamboo at 1021 Avenida Pico; the $8-million sale of a 20,817-sf building anchored by St. Josephs/Mission Hospital 1031 Avenida Pico; and the $2.5-million sale of a 4,200-sf, single-tenant building occupied by California National Bank 1051 Avenida Pico. Courtyards at Talega is located 1.5 miles east of the Interstate 5 freeway and situated across the street from the 3.5-million-sf Rancho San Clemente Business Park. Within a five-mile radius of the center the average household income is in excess of $95,000 with more than 4,335 business establishments.