Hanley Investment Group Arranges Rare Sale of Single-Tenant Michaels in Orange County, Calif. for $4,850,000
FOOTHILL RANCH, Calif. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of a rare single-tenant net-leased investment occupied by Michaels in South Orange County. The single-tenant Michaels is shadow-anchored by Target and located within the Foothill Ranch Towne Centre in Foothill Ranch, California. The sale price was $4,850,000.
Hanley Investment Group’s Executive Vice President Eric Wohl and Associate CJ Kiehler represented the seller, two separate family trusts based in Southern California and Nevada. The buyer, a private investor based in Orange County, California, was represented by Mark Jerue and Craig Fitterer of Lee & Associates of Irvine, California.
“We generated multiple qualified offers and secured a 1031 exchange buyer who was very familiar with the trade area,” said Wohl. “Michaels has a long-term operating history of more than 17 years at the shopping center and recently executed their second option.”
Michaels is a junior anchor at the Foothill Ranch Towne Centre with neighboring tenants including Target, Walmart Supercenter, Hobby Lobby, Ralphs, At Home, Planet Fitness, Regal Cinemas, 99 Cents Only Stores, PetSmart, CVS, In-N-Out, JOANN Fabrics and Crafts, Raising Cane’s, Chick-fil-A, Del Taco and Dunkin’. The 25,000-square-foot Michaels building was built in 1994 and sits on 2.63 acres at 26752 Portola Parkway at the signalized intersection of Portola Parkway and Bake Parkway (with 40,100 cars per day).
“Foothill Ranch Towne Centre is the dominant retail center that serves prominent neighboring cities and communities including Coto de Caza, Dove Canyon, Lake Forest, Irvine, OC Great Park, Mission Viejo, Portola Springs and Rancho Santa Margarita,” noted Wohl. Within a one-mile radius of the property, the average household income is more than $150,000 and there is a projected population growth of more than 31% in the next five years.
Foothill Ranch is home to many notable, large companies including Oakley, Kawasaki Motors, Nike, LoanDepot, Panasonic Avionics, Cox Communications, Frito-Lay, Protab Laboratories, Kaiser Aluminum, Tae Technologies and more.
The Michaels Companies, Inc. is North America’s largest specialty provider of arts, crafts, framing, floral, wall décor and seasonal merchandise for makers and do-it-yourself home decorators and has over 1,250 stores.