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MISSION VIEJO, CA-Warmington Capital Partners of Irvine has purchased the 82,782-sf Jeronimo Center from locally based Passco for $25 million. The deal holds upside potential for the new owner in converting some of the space to retail condominiums, according to the Irvine-based Faris Lee brokerage. The mixed-use property includes retail and auto uses with automotive spaces that could be converted for sale to individual users, explains Dennis Vaccaro of Faris Lee.

“No competing new retail developments are planned for the community, and the potential is extremely remote for any additional competing auto repair facilities to be built in the area,” Vaccaro points out. Vaccaro and Faris Lee president Richard Walter represented both the buyer and the seller of Jeronimo Center, which is situated on 7.21 acres at 25800 and 24001 Via Fabricante and was 92% occupied at the time of the sale.

The center, which was remodeled extensively in 1998, is designed in “a non-traditional layout with some buildings unexposed to the street,” according to Walter. The property generated five offers and sold at a 6% cap rate.

With the Orange County retail market remaining extremely strong and with a limited number of available retail properties on the market, the Faris Lee president says, retail assets continue to sell at a premium. “The supply versus demand curve is still in the seller’s favor,” he says.

The center also offers upside in that rents are below market, the Faris Lee brokers point out. The Jeronimo Center is close to Interstate 5 along Alicia Parkway, with direct access from Jeronimo Road and Via Fabricante. Its tenants include Jack in the Box, Quiznos, FedEx, Kinkos, EZ Lube, Frazee Paints, Hertz and Papa John’s.

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