SAN JUAN CAPISTRANO, CA-A 1031 exchange buyer based in Chino has acquired the 23,122-sf Rancho Ortega Plaza for a price that establishes a new low cap rate of just over 4.9% for a stabilized mixed-use center in this market, according to Sperry Van Ness. The sales price paid for the class A retail and office center was not disclosed, but the property was originally listed at an asking price of $12 million.

The Rancho Ortega property is located at 27201 Ortega Highway, a major thoroughfare between Orange and Riverside counties. Damon Wyler, who was part of an Irvine-based Sperry Van Ness team that represented the seller, notes that the buyer was exchanging out of some agricultural land and was able to pay cash.

The all-cash purchase “was critical, given the current turmoil in the capital markets,” Wyler says. Other members of the Sperry Van Ness team were Brian Sperry and Bill Casas.

The deal underscores the continuing demand for retail and mixed-use properties in Orange County where another mixed-use center in San Juan Capistrano traded earlier this year with an unusual twist: The seller provided the buyer with a 12-month rent guarantee to make up the rent and triple-net charges for the portion of the center that was vacant at the time of the sale.

The Rancho Ortega Plaza was built in 2000 and is situated on 2.2 acres. The center is 100% occupied by tenants including Starbucks, Bank of America and Tannins Restaurant.

The seller of the Rancho Ortega property was HLB Properties LLC of San Juan Capistrano. The buyer, a family trust, was represented by Rancon Real Estate.

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