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Regency Centers paid $357M for a five-property portfolio in the master-planned community Rancho Mission Viejo in Orange County.
The sale is larger than the total retail investment in Orange County in the first quarter, according to CBRE. Investors spent $283.3M on retail properties in the area in that quarter.
The roughly 630K SF portfolio is 97% leased and includes Bridgepark Plaza at 27702 Crown Valley Parkway, Mercantile W at 25636 Crown Valley Parkway, Mercantile E at 27502 Antonio Parkway, Terrace Shops at 1101 Corporate Drive, and Sendero Marketplace at 30721 Gateway Place, according to a release from Regency.
The transaction was partially funded by $150M in assumed mortgage debt from an undisclosed lender, according to Commercial Observer.
Rancho Mission Viejo LLC was the seller. The company built out the 23,000-acre south Orange County development southeast of the similarly named Mission Viejo beginning in the 1960s, according to Commercial Observer.
“We are excited to expand Regency’s presence within this thriving Orange County community and to add these high-quality centers to our best-in-class operating platform,” Regency Centers Senior Vice President of California Investments John Mehigan said in a statement.
The average income of households within a 3-mile radius of the shops is approximately $200K.
“The addition of this portfolio enhances our position within one of the most supply-constrained coastal markets in the U.S.,” Mehigan added.
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