Irvine-based Wholesome Choice Market Inc. is the new owner of Marguerite Center, a retail plaza in Mission Viejo that was once anchored by an Orchard Supply Hardware.
The 51,312-square-foot shopping center that was built in 1973 was sold by Cadence Capital Investments for $11.6 million, a slight haircut from the $12.5 million the Colorado-based real estate development and investment firm paid in 2007.
The deal was brokered by Hanley Investment Group’s executive vice presidents Kevin Fryman and Bill Asher and Walseth Investment Company President Michael Walseth. Hanley Investment brokered the deal on behalf of the seller, with Walseth Investment representing the buyer.
“We procured multiple competitive offers from private investors, mid-market buyers, and owner/users, ultimately securing an all-cash private buyer,” Fryman said in a statement. “This transaction involved navigating and resolving several complex challenges.”
Maguerite Center sits on 3.42 acres. The building’s façade was updated in 2016. Current tenants include Little Caesars, Leslie’s Pool Supplies and Vista Cleaners. Leslie’s Pool Supplies has been a tenant at the center for 34 years, while Little Caesars opened its doors at the Mission Viejo plaza 31 years ago.
“Despite broader market headwinds, South Orange County continues to be a highly sought-after retail investment destination due to its affluent demographics, strong household incomes, and limited supply of well-located properties,” Fryman said in a statement. “Furthermore, the ongoing development of new housing communities in the surrounding areas is expected to further fuel demand for retail goods and services, making this a particularly attractive market for both owner/users and investors with a long-term vision. This sale underscores the resilience and inherent value of strategically positioned retail assets in this dynamic region.”
Marguerite Center is at 24011-24031 Marguerite Pkwy. in Mission Viejo.
