The Shops at Plaza Empresa, a shopping center measuring nearly 40,000 square feet in Rancho Santa Margarita, sold as part of a 1031 exchange. The buyer paid $19 million.
The 1031 exchange included the consolidations of three separate properties: an 8-unit apartment building in Beverly Hills and two commercial properties in Corona del Mar.
Neither the buyer, represented by Nathan Holthouser of Coastal Commercial, nor the seller, a client of Faris Leeโs Shaun Riley, Scott DeYoung and Jeff Conover, were disclosed.
โIt was a strategic 1031 exchange for multiple properties owned free and clear into a larger asset. There were a lot of moving parts with three separate escrows with the relinquished properties, with three separate buyers for those transactions,โ Holthouser said in a statement. โWe were fortunate to be able to time everything so that all three 1031 exchanges could close at the same time.โ
The Shops at Plaza Empresa sits on two parcels and is part of a larger five-parcel retail and business center. Tenants at The Shops include Laguna Beach Beer Company, Dailyโs Sports Grill, Edible Arrangements, Meister Orthodontics and the United States Postal Service.
A Coastal Commercial statement added The Shops at Plaza Empresa was 4% vacant at the time of the sale, with a stabilized capitalization rate of 7%.
The Shops at Plaza Empresa is located at 29851 and 29881 Aventura in Rancho Santa Margarita.
