The property, located at 25351-25401 Alicia Parkway, encompasses 61,706 sf. Tenants include Pizza Hut, Washington Mutual and lots of little "mom and pop" businesses, according to Matt Pipkin, a Lee & Associates broker. He and Stephen Grossman, both of Lee & Associates' Newport Beach office, acted on behalf of seller, Save-Most Alicia Hills Ltd.
At the time of sale, the rents were a little below market, Pipkin says. "The buyer intends to upgrade the property and reposition the tenancy," he adds. Buyer K&M Royal Group LLC used One Properties to negotiate the deal.
Orange County retail activity has picked up in recent weeks, with another big transaction occurring recently in Mission Viejo. Westwood Financial paid $15 million for the Gateway Center retail complex, situated at 23972-24042 Alicia Parkway.
In a similar move to K&M Royal Group, Westwood plans to upgrade the holding. Built in 1979, the 82,000-sf Gateway Center was sold by Farallon Gateway Ltd. Its key tenants include Taco Bell, Starbucks, Coco's Restaurant and Washington Mutual.
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