Newmark announced it has been awarded the leasing assignment for five Orange County retail properties totaling approximately 2.2 million square feet. The portfolio is comprised of The Commons at Aliso Viejo, Moulton Plaza, Lake Forest Gateway, Larwin Square and Valley View Center.
Newmark’s Vice Chairman Bill Bauman, Executive Managing Director Bryan Norcott and Senior Managing Director Mark Baziak will represent the space on behalf of the landlord ValueRock.
“ValueRock owns and operates a broad portfolio of mixed-use properties throughout the Western U.S., including Hawaii. Each property represents a unique and exciting re-positioning opportunity,” said Bauman. “Our team is thrilled to be retained by ValueRock to assist in the execution of their redevelopment and leasing initiatives for these properties.”
The portfolio comprises properties as follows:
- The Commons at Aliso Viejo, located at 26501 Aliso Creek Road, presents a proposed 1.9 million-square-foot mixed-use redevelopment, including over 200,000 square feet of immediately available retail.
- Moulton Plaza, situated at 23535-23601 Moulton Parkway in Laguna Hills, entails the repositioning of a 155,000-square-foot center.
- Lake Forest Gateway, located at 23600 Rockfield Boulevard, is fully redeveloped with a total size of ±77,855-square-feet.
- Larwin Square is located at 501 E. 1st Street in Tustin, and the Newmark team is representing the center’s ±41,400 square feet of anchor space.
- Valley View Center is located at 17474-17568 Yorba Linda Boulevard and includes a ±45,345-square-foot anchor opportunity.
According to Brad Muth, Senior Managing Director at ValueRock, the Newmark team was selected based on their understanding of the assets, as well as their long track record of success representing prominent landlords and developers in the successful execution of major ground-up and redevelopment leasing assignments.
Orange County’s total retail vacancy of 4.1 percent increased 30 basis points from one year ago as a result of negative absorption, while the average asking rental rate across all retail property subtypes increased 6.2 percent over the same period, according to Newmark Research. Fundamentals have remained healthy as tenants have backfilled the vacated spaces and developers have capitalized on the opportunity to transform vacant, big-box spaces to appeal to shoppers.
About ValueRock Realty
ValueRock Realty Partners (ValueRock), is a multi-platform real estate firm headquartered in Irvine, California. The ValueRock portfolio includes over 50 shopping centers predominately in California and Hawaii. The executive team at ValueRock is comprised of industry veterans each with 20 to 30 years of experience investing in and operating real estate, including the acquisition of both individual properties and portfolios.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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