FULLERTON, CA—Heslin Holdings, Inc., a privately-owned commercial real estate investment and development firm, has concluded the sale of 914 West Orangethorpe Avenue, a grocery-retail property that it had owned in partnership with Becker Development of San Diego. Food 4 Less currently occupies the entirety of the property under a long-term lease. It was sold to Safeco for $22.5 million.

The 79,898-square-foot single-story retail property sits on a 5.5-acre prime Orange County urban infill site located at the major intersection of Orangethorpe and Euclid Avenue. Originally built in 1992, the property was renovated in 2006 and capitalizes on the densely populated surrounding area, high traffic counts and close proximity to regional employment centers. Market demographics strongly support the Food 4 Less business model and the grocer garners strong sales. The Food 4 Less lease, guaranteed by parent company Kroger Co., extends through March 2026.
“This property takes advantage of a location within a high barrier-to-entry trade area of Orange County with limited development opportunities,” said Casey McKeon, vice president of acquisitions for Heslin Holdings. “Additionally, the strength of the tenant's balance sheet combined with the favorable lease terms offers guaranteed income and stability for our buyer over the next decade.”
Heslin Holdings will continue to pursue value-add commercial property opportunities throughout the country, with an emphasis on the Western United States. The company currently operates a 1.5 million-square-foot investment portfolio.
“We look for retail and commercial opportunities in regions where strong fundamentals including employment and demand join with limited new development opportunities,” said McKeon. “With an expanded pool of high net worth and family office investor partners, our appetite for opportunistic real estate deals is currently high.”
Founded in 2003, Heslin Holdings is a commercial real estate investment and development firm. The firm, headquartered in Laguna Hills, CA, invests its own funds alongside a network of investors with varying investment criteria.