Lake Forest, Calif. – According to CoStar, the 4.8 percent cap rate was a record low for a non-anchored retail strip center sale in south Orange County.
Foothill Center has a surrounding residential population of more than 102,000 people within a 3-mile radius, as well as a sizable daytime employee population of 9,800 people. Lake Forest, Calif. – Faris Lee Investments has arranged the sale of Foothill Center, a 19,400-square-foot shopping center in south Orange County’s Lake Forest, for $7.6 million. The center is 95 percent occupied with tenants that include Baja Fresh, Enterprise Rent-a-Car and Wasabi Sushi. Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, The Mayfield Trust of Los Angeles. The China-based buyer represented itself in the transaction. The sale price had a cap rate of 4.8 percent. Foothill Center was built in 1990 and is situated on 2.47 acres.
— Scott Reid