Heslin Properties might be pursuing a buying strategy, but market fundamentals mean it can also be a good time to sell, VP of acquisitions Casey McKeon tells us. Recently the Laguna Hills-based firm sold 914 West Orangethorpe Ave in Fullerton for $22M.
Demand is hot for well-located retail. “The property takes advantage of a location within a high barrier-to-entry trade area of Orange County with limited development opportunities,” Casey explains. 914 West Orangethorpe, which is fully leased to Food 4 Less, a Kroger brand, was jointly owned by Heslin and Becker Development of San Diego, who sold it to Safeco. Heslin plans to use its share of the proceeds to further its acquisition strategy.
Casey adds that strength of the tenant’s balance sheet combined with the favorable lease terms offer stability for the buyer over the next decade, a property feature that's in very high demand. The 79k SF property sits on a 5.5-acre site at the intersection of Orangethorpe and Euclid avenues. Originally built in 1992, it was renovated in 2006; the Food 4 Less lease doesn't expire until 2026.
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