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Builder Gets $22-Mil Stake in 500,000-SF Town Center

ORANGE COUNTY, CA-A partnership headed by Irvine's Sanderson J. Ray Development acquires 151,445 sf of retail space in Santa Margarita Town Center.

By Erin Cassin | Updated on February 20, 2001

ORANGE COUNTY, CA-Nearly one-third of the Santa Margarita Town Center has been sold for $22 million to a partnership headed by Irvine-based builder Sanderson J. Ray Development Co. The partnership bought 151,445 sf of retail space in the 500,000-sf project, which stands at 30652 Santa Margarita Pkwy. Tenants in the center include Target, Ross Dress for Less, Edward’s Cinemas, Big 5 Sporting Goods, T.G.I. Friday’s, Super Crown Books, Petco, 24-Hour Fitness Center and Trader Joe’s.

A Grubb & Ellis team of Ian Brown, John Martin, Michelle Schierbeil and David Lowry represented the buyer. Bob Criell of Lee & Associates spoke for the seller, Koll-Santa Margarita Venture II, a partnership of the Newport Beach-based Koll Co. and the New York-based Metropolitan Life Insurance Co.

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