Irvine, Calif. – The Shops at Clinton Keith and an anchor 7-Eleven were sold by the original developer.
The Coldwell Banker Commercial (CBC) Alliance Orange County, California, office has closed on two class A properties in Wildomar, Calif. One of the properties is the 100 percent leased Shops at Clinton Keith, which sold for approximately $4.7 million. The center spans 15,000 square-feet. One of the complex's anchor tenants, 7-Eleven, is the second property, which closed at $2.4 million. Executive Vice President Scott Hook represented the seller in this transaction. The property is located on the Clinton Keith Corridor off Interstate 15 in the expanding region of Wildomar/Murrietta.
The Shops at Clinton Keith was built in 2007 and is separated into three parcels. The 7-Eleven and Starbucks are the two anchor tenants and are on separate parcels. The Shops include tenants D'Canters, Bear Creek Eye, Stew's Barber Shop and Tijuana Tacos. The Shops at Clinton Keith has direct access to the I-15 freeway, with tall freeway monument signage. The 7-Eleven Buyer was also represented by Hook and purchased the investment at a 5 percent cap rate with 13 years remaining on the lease term. The Shops Buyer was co-represented by Hook and David Girty of CBC Alliance. The investor acquired the property at just under a 7 percent capitalization rate.
"We were pleased to coordinate two separate buyers to acquire portions of the retail center. The existing CMBS loan required that the entire loan be paid off. Yet by selling 7-Eleven, Shops, and Starbucks (closing December, 2014) we were able to garner higher total net proceeds for the seller who was the original developer. The area experiences strong vehicular traffic, and this will only increase as surrounding housing developments are completed," Hook said.