Mission Viejo, Calif. — Mission Viejo Garden Plaza was built in 1975 and renovated in 2009.
ValueRock Realty Partners has acquired Mission Viejo Garden Plaza, a nine-building office and retail property totaling 67,000 square feet in Mission Viejo, for $13.3 million. The firm paid all-cash for the asset. ValueRock will add value to the asset by making improvements to its on-site signage, completing cosmetic upgrades and ultimately leasing the property at market rates. Built in 1975 and renovated in 2009, Mission Viejo Garden Plaza is situated on 5.1 acres and includes interconnected two-story buildings featuring a blend of California Ranch-Spanish Colonial architecture. At close of escrow, the project was 90 percent leased to a mix of approximately 60 tenants including professional and medical office users, restaurants and service retail tenants. Peter D. Beauchamp, Brian Corrigan and Mark Sigler of Voit Real Estate Services represented ValueRock as well as the seller in the transaction. With this acquisition, ValueRock now owns in excess of 1 million square feet of property in Orange County and more than three million square feet of property in the western states.