JLL closes record-setting sale of Laguna Beach retail center
The grocery- and drug-anchored shopping center set a record for the highest price-per-square-foot sold in Orange County
NEWPORT BEACH, Calif., November 7, 2019 – JLL announced today that it has closed the sale of Aliso Creek Shopping Center, a 49,149-square-foot, fully leased community shopping center with necessity-based anchors located along the Pacific Coast Highway in the Southern California community of Laguna Beach, California.
JLL marketed the property on behalf of the seller, LaSalle Investment Management. The sale price marked the highest price-per-square-foot sold for an Orange County anchored shopping center.
Aliso Creek Shopping Center is situated on 4.2 acres at 30814-30936 Pacific Coast Highway in the coastal Orange County community of Laguna Beach, one of the most affluent communities in Southern California with average household incomes exceeding $198,900 within a one-mile radius of the property and an average housing value of $2.2 million. The location on the Pacific Coast Highway places the center along one of the most prominent and well-traveled roads in the county, with traffic counts exceeding 36,000 vehicles day. Anchored by CVS Pharmacy and shadow-anchored by Gelson’s Market, Aliso Creek Shopping Center is fully leased to a diverse mix of internet-resistant tenants, including Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza.
The JLL Capital Markets team representing the seller was led by Managing Director Gleb Lvovich, Managing Director Bryan Ley and Director Daniel Tyner.
“The sale of Aliso Creek Shopping Center represents a high watermark not only for Orange County but for anchored shopping centers along the West Coast,” Lvovich said. “The property generated extremely strong interest and a robust buyer pool with competitive offers from both private and institutional investors. The JLL team utilized our proprietary database, marketing platform and market-leading debt advisory to uncover a unique private buyer for a world class asset.”
“Aliso Creek Shopping Center offered investors the rare opportunity to acquire a coastal shopping center in Orange County, adjacent to one of the most highly desirable resorts in the western United States. Locations like this do not come available often,” Ley added. “But with it also being a grocery- and drug-anchored center, this is the sweet spot for investors today, making the marketing and offer process incredibly competitive, which lead to a terrific result for all parties.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License No. 01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LaSalle Investment Management, Inc.
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $68 billion of assets in private and public real estate property and debt investments as of Q3 2019. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit lasalle.com and LinkedIn.