RANCHO SANTA MARGARITA, CA—A portfolio of three retail properties here has been brought to market by CBRE's Orange County office in Newport Beach.
The Rancho Santa Margarita Portfolio is 99% occupied by national and local tenants, and comes with an asking price of $103.3 million.
The three properties are:
| Plaza El Paseo I & II |
| Santa Margarita Marketplace |
| Las Flores | |
| Offering Price: | $65,575,000 |
| $24,041,000 |
| $13,700,000 |
| NOI: | $3,344,322 |
| $1,129,922 |
| $643,901 |
| Occupancy: | 99% |
| 100% |
| 100% |
| Total Building Area: | 106,777 SF |
| 29,467 SF |
| 15,099 SF |
| Total Land Area: | 423,686 SF |
| 193,110 SF |
| 116,205 SF |
| Major Tenants: | Bed Bath & Beyond, |
| Pier 1 Imports, Verizon Rubio's |
| Walgreens, Pacific Dental |
Rancho Santa Margarita serves as the primary commercial or “downtown” area for the affluent, gated enclave of Coto de Caza, which has an Average Household Income exceeding $202,000 per year. Currently 99% leased, approximately 91,000 SF (60%) of the portfolio is leased to established national and regional credit tenants, and an excellent mix of high performing restaurant, beverage, service and retail tenants truly making this a destination location. More than 67,000 SF (44%) of the portfolio is leased to restaurant/food/dining tenancy.
Portfolio-wide, the Net Operating Income is projected to grow more than $1,410,000 (27%) over a 10-year hold period, providing improving cash on cash returns and a hedge against inflation.
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