Coastal MXU Asset Trades in Dana Point

La-Plaza-PacificaFaris Lee Investments has completed the $6.6 million sale of La Plaza Pacifica, an approximately 14,900-square-foot, 95% occupied multi-tenant retail and office property in Dana Point, CA. Faris Lee’s Jeff Conover represented the Orange County-based seller, Trowbridge Vaughen Vivos Trust, as well as the local buyer, Raintree Evergreen LLC. The property sold at a cap rate of 5.5%, and a price-per-square-foot of $463.

Built in 1990, the property is located at the intersection of Golden Lantern and Pacific Coast Highway at 34052 La Plaza Drive. It is within the Downtown Plaza, which includes a mix of retail, restaurants, and an outside amphitheater used for events and concerts. Additionally, the property is within the newly revitalized Lantern District, which has several mixed-use retail and apartment projects under construction.

Conover says, “There is a high barrier to entry for coastal commercial property ownership in Southern California. La Plaza Pacifica defines legacy property for the investor.”

FARIS LEE NEWS

Subscribe to receive news direct to your inbox.

Copyright © 2019 Faris Lee Investments