The building is occupied by art supplies retailer Michaels on a single-tenant, triple-net lease and was acquired in a 10-31 exchange. CB's Phil Voorhees, Pat Scruggs, Mark Larson, Gary Stache and Blake Woodward represented both the buyer and seller. The CB brokers noted the sales price of $179 per sf represents a cap rate of 7.8%.
The Plaza Pacifica Shopping Center is on Avenida Pico at two major cross streets in San Clemente, Camino Vera Cruz and Avenida La Pata. Center anchors include Wal-Mart, Lowe's, Albertson's and Office Depot. Publicly held Michael's operates 695 Michaels and 139 Aaron Brothers stores and reported 2001 sales of $2.5 billion. The company says it is the nation's largest specialty retailer of arts and crafts merchandise.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
