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Exchange Buyer Acquires Low-Cap Center

SAN JUAN CAPISTRANO, CA-The sale of the 23,122-sf Rancho Ortega Plaza establishes a new low cap rate for a stabilized mixed-use center in this market.

By Bob Howard | Updated on October 18, 2007

SAN JUAN CAPISTRANO, CA-A 1031 exchange buyer based in Chino has acquired the 23,122-sf Rancho Ortega Plaza for a price that establishes a new low cap rate of just over 4.9% for a stabilized mixed-use center in this market, according to Sperry Van Ness. The sales price paid for the class A retail and office center was not disclosed, but the property was originally listed at an asking price of $12 million.

The Rancho Ortega property is located at 27201 Ortega Highway, a major thoroughfare between Orange and Riverside counties. Damon Wyler, who was part of an Irvine-based Sperry Van Ness team that represented the seller, notes that the buyer was exchanging out of some agricultural land and was able to pay cash.

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