Investors Hot for OC Mixed-Use
Take a land-constrained market, and add in the growing expectation of density among office users, residents and shoppers, and that makes mixed-use a hot property type, especially in south Orange County.
ValueRock Realty Partners SVP Dennis Vaccaro tells Bisnow that south OC is attractive because it's proven to be a very stable place to invest. Stability combined with consistent appreciation makes it that much more attractive," he says. Mixed-use is especially coveted. Recently ValueRock, which specializes in retail and mixed-use, acquired Mission Viejo Garden Plaza, a nine-building office and retail property totaling 67k SF in Mission Viejo.
When the property was up for grabs, there was keen interest in it, Dennis adds, so ValueRock acted quickly and paid all cash, ensuring a short escrow period. Built in 1975 and renovated in 2009, Mission Viejo Garden Plaza is on five acres at 27001 La Paz Rd. The property's 90% leased to a mix of about 60 tenants, including professional and medical office users, restaurants and service retail tenants. Voit Real Estate Services' Peter Beauchamp, Brian Corrigan and Mark Sigler repped ValueRock as well as the seller in the deal.