OPC, in a partnership with a strong regional retail owner/operation, acquired a non-performing retail loan secured by a 110,000 sf retail property located in Orange County, CA. In December 2014, the JV partners took title of the property and simultaneously arranged attractive long-term fixed rate financing from a Life Insurance Company to fund a $500K cosmetic renovation of the center. The partnership upgraded the center, added an outparcel retail pad and successfully signed long term leases with Harbor Freight & Tools, Dunkin Donuts and Del Taco.
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Local Tenant
Anchored Neighborhood Center
110,353 sf / 98%
1967 / 1988 / 2015 ($500K)
$680K at acquisition improved to $1.1 MM at sale
116K population, $89K HH income
80% national / regional tenants, located on El
Toro Rd. & Rockfield Blvd. with a daily traffic count of 67K vehicles per day and ½ block from I-5 (500k vehicles per day).
