Four retail centers in South Orange County and another shopping plaza in North San Diego County were approved for $54 million in loans.
Newport Beach-based MetroGroup Realty Finance, a private commercial mortgage banking firm, arranged the financing, with individual loans ranging from $5 million to $25 million.
The new financing retires mortgages that MetroGroup originally placed for the five-property portfolio. All five retail centers were acquired by Laguna Niguel-based Buie Stoddard Group between 1987 and 2011.
The four South Orange County properties are: The Commons at Aliso Viejo Town Center, a 26,541-square-foot retail center located at 26501 Aliso Creek Road in Aliso Viejo; Laguna Niguel Town Center, a 98,157-square-foot retail center located at 30001 Town Center Drive, Laguna Niguel; Moulton Plaza, a 17,117-square-foot retail center located at 28083 Moulton Parkway, Laguna Niguel; and Ortega Village, a 40,515-square-foot retail center located at 31654 Rancho Viejo Road, San Juan Capistrano.
Tenants at these centers include South Coast Veterinary Center, Laguna Niguel Montessori Center and OC Pharmacy.
The one property in San Diego is High Country Plaza, a 20,598-square-foot retail center located at 15805 Bernardo Center Drive.
Buie Stoddard Group’s portfolio includes 12 properties in South Orange County and four in San Diego County.
“We focused on each property separately to secure the best possible terms and were pleased to achieve optimal outcomes for every asset using only two lenders,” MetroGroup President Patrick Ward said in a statement.
“Using two lenders simplified the process for our client and reduced their transaction costs. The centers’ quality improvements and standout locations attracted favorable 10-year fixed-rate pricing with long-term amortizations.”
MetroGroup was founded in 1983 and specializes in capital advisory and mortgage banking services across the United States.
More Retail Space Available
Retail investment sales have been steadying this year, with CBRE reporting total volume of $305.7 million in the second quarter, similar to $300 million for the first quarter. The sales, per CBRE, have signaled “steady investor interest despite continued economic uncertainty.”
Orange County’s retail market earlier this year had some notable transactions, highlighted by Space Investment Partners buying Fullerton MetroCenter for $118.5 million, or $274 per square foot.
Other major retail properties recently changing hands included Terreno Realty buying a Home Depot location in Santa Ana for nearly $50 million and Asana Partners acquiring Westport Plaza & Square in Costa Mesa for $25.7 million.
The leasing side took a significant hit in the second quarter of this year, with 391,000 square feet of space made available between April 1 and June 30, compared to approximately 60,000 in the first quarter.
The newly available space, according to CBRE, was due to “a wave of bankruptcies among major retailers, including Rite Aid, Joann, Big Lots and At Home.”
At Home closed its retail locations in Costa Mesa, Lake Forest and Tustin during the third quarter, according to Marcus & Millichap.
Vacancies were also up in the second quarter, compared to the first three months of 2025, due to retailers taking a wait-and-see stance following Liberation Day tariff announcements, also according to CBRE.
“Over the past year, the West County area — from Huntington Beach to Cypress — recorded the steepest vacancy decline among all primary retail submarkets nationwide with more than 20 million square feet of inventory.
With limited construction underway, local conditions are likely to stay tight,” according to a Marcus & Millichap analysis of Orange County’s retail market.
