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[IMGCAP(1)]MISSION VIEJO, CA-Owners hope to sell the 74,000-sf Trabuco Hills Shopping Center here for $41 million and the 90,089-sf Harkins Theatres & Shops in Chino Hills for nearly $29 million, according to brokers from Irvine-based Faris Lee who have been tapped for the marketing assignments. The Trabuco Hills center is being marketed either individually or split into two, with one portion measuring 49,781 sf and the other 24,250 sf. The Chino Hills center is part of a larger project called Crossroads Entertainment Center.

Faris Lee president Rich Walter and director Dennis Vaccaro call the Trabuco Hills property “Mission Viejo’s premier neighborhood shopping center,” pointing out that its location at the Northwest corner of Santa Margarita Parkway and Marguerite Parkway in South Orange County provides access to more than 45,000 cars per day. Walter and Vaccaro are marketing the center on behalf of owner Pacific Castle Props II LLC.

Walter says that Trabuco Hills, a neighborhood center, offers upside potential to capitalize on the property’s current below-market rents. The asking prices are just under $24.5 million for the 49,781-sf portion of the property and nearly $16.9 million for the 24,250-sf portion. The larger of the two, built in 1991, includes Denault’s Hardware Store, Party City, Subway, Pizza Hut and others.

The 24,250-sf portion of the property includes Walgreens, Claim Jumper and Ramona Tire. Walgreens was built in 2003 and the rest were built in 1991. Other tenants at Trabuco Hills Shopping Center include Henry’s Supermarket and Blockbuster, but those are not a part of the offerings for sale.

[IMGCAP(2)]Harkins Theatres & Shops in Chino Hills is 98% occupied and is situated at the northwest corner of State Route 71 and Chino Avenue. The anchor tenant is Harkins Theatres, an 18-screen stadium seating multiplex venue totaling 81,880 sf; other tenants include Juice it Up!, Maggie Moos Ice Cream and Z Pizza.

Faris Lee managing director Donald MacLellan and director of advisory services Nicholas Coo are marketing the property for a Los Angeles-based seller. He describes it as “a well-performing property offering a strong mix of tenants that are in 10-year NNN leases with periodic increases.”

The larger property, Crossroads Entertainment Center, features a newly constructed medical office building, a Hampton Inn and Suites, a drive-through Starbucks, Buffalo Wild Wings Bar & Grill, a Circle-K Convenience Store and Gas Station (to be built) and a Tutor Time child care center.

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