1996 / 2012
YEAR BUILT / RENOVATED
22523 Marguerite Parkway | Mission Viejo, CA
Marcus & Millichap is pleased to present Villa Marguerite – a Food and Service-based Retail Property located in Mission Viejo, California. The subject property consists of 10,000 square feet with four corporate tenants consisting of Panera Bread, Chipotle, Supercuts and Gentle Dental. Sitting on a 1.33-acre parcel fronting Marguerite Parkway, the property benefits from its excellent frontage and very large parking field, parked at 7.9:1. Additionally two traffic lights at both ends of the property provide excellent ingress and egress points from either end of the building, and direct access to and from the Mission Viejo Village Plaza directly across the street. The Mission Viejo Village Plaza is a 175,000 square foot community needs based center anchored by Trader Joe’s, CVS, Big Lots, Stein Mart, Saddleback Lanes and a variety of food and service tenants. The subject property’s location is arguably one of the best in the city and is shadow-anchored by Walgreens and California Pizza Kitchen bookending the real estate. Located adjacent to the La Paz road intersection where traffic counts experience 59,000 cars per day, this location is one of the best retail sites in the city where there is rarely any vacancy.
The investment is a core plus retail asset with Four Corporate Tenants on Net Leases. The tenants are very successful at this location, two of which have been here since 1996. Two of the leases provide annual rent increases of 3%, with the remaining at 10% and 12% rent increases respectively every five years. The tenant roster is a synergistic mix of restaurants and service businesses providing immunity from internet shopping. It’s not often that a property of this quality becomes available in one of the best southern California cities, known for its exceptional demography. It is truly a generational asset that a discriminating investor will benefit from for years to come.
Mission Viejo is located in the Saddleback Valley of Orange County, California. It is considered one of the largest master-planned communities ever built under a single project in the United States. Mission Viejo is consistently recognized as the safest city in California and as one of the safest in the nation compared to cities of similar size. The city is known for its picturesque tree-lined neighborhoods, receiving recognition from the National Arbor Day Foundation. With population over 94,000, Mission Viejo is a dense and highly affluent market where the average household income is over $145,000 and unemployment rate is just 3.6%. The city is conveniently located near a total of five freeway exits, providing it direct access to most of Southern California.
Generational Asset. Long-term Tenancy. Internet Immune Businesses
Corporate Guaranteed Net Leases
3% Annual Rent Increases
Affluent Market; AHHI $122,189 and Population 345,362 in 5-mile Radius
Prime Location in the Heart of Mission Viejo
Large Parking Field. Ratio 7.9:1