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Newmark has announced the sale of a 121,883-square-foot portion of Foothill Ranch Towne Center. Located at 36532 Towne Center Drive in the city of Lake Forest, Foothill Ranch Towne Center is a one million square foot master-planned regional retail center anchored by Walmart and Target.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller Foothill Ranch LLC in the $22.25 million sale to a private family trust.
The portion sold by the Newmark team is 100 percent occupied by five tenants including national credit tenant At Home Furnishings as anchor. The opening of At Home’s inaugural California location in Lake Forest underscores the strength of this south County community and directly benefits junior anchor tenant Petsmart, which recently exercised its second of four, five-year options. At Home and Petsmart are further complemented by Chipotle and Red Robin restaurants along with a nail salon.
“The area has experienced explosive economic and residential growth with more than 13,000 new housing units across six residential developments in the immediate area,” said Rudy. “This investment within the dominant retail trade area among an affluent customer base with significant barriers to entry will serve as a strategic complement to the buyer’s retail portfolio in Southern California.”
About Newmark
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 16,000 professionals operate from approximately 430 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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