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ALISO VIEJO, CA-Owner CLF Aliso Viejo Business Trust has placed a 181,160-sf portion of the 700,000-sf Aliso Viejo Town Center on the market at an asking price of $58.8 million, according to Irvine-based Faris Lee Investments.The portion of the center that is for sale sits on 14.5 acres at the intersection of Aliso Creek Road and the 73 Toll Road at 26501, 26503, 26505 Aliso Creek Rd. It includes a Lowe’s of 144,204 sf, a Michaels of 25,050 sf and a Tuesday Morning of 7,992 sf.

Lowe’s also has an additional garden area comprising approximately 32,608 sf. The property was originally built in 1995 and was remodeled in 2004 in order to accommodate these three new tenants.

According to director Dennis Vaccaro of Faris Lee Investments, the owner is marketing the property at a 5.8% cap rate. The deal comes with an in-place loan of more than $42.1 million at an interest rate fixed at approximately 5.09%, with interest-only payments through July 2010.

Vaccaro points out that the balance of the loan term continues on 30-year amortization payments with the balance due July 2015. He notes that the in-place financing will result in substantial interest expense savings over the remaining life of the loan because the interest rate is significantly below current market rates for this type of asset.

According to Vaccaro, another selling point of the property is its “irreplaceable location within a high-income master-planned community.” Additionally, the city’s master plan strictly limits commercial development, which will deter any future commercial competition for the project in its trade area, Vaccaro says.

Aliso Viejo Town Center was designed and developed to be the primary shopping destination for the residents of Aliso Viejo and surrounding communities including Laguna Niguel, Laguna Hills and Laguna Beach, by offering big-box, grocery, lifestyle, restaurant and shop components. The 300-acre regional shopping center is anchored by the tenants in portion that is for sale, along with a 20-Screen Edward’s Stadium Theatre, Ralphs Fresh Fare, TJ Maxx, PetsMart, Barnes & Noble and Pier 1 Imports.

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