Orange County Retail Center Trades for $56M

Mx3 Ventures has acquired Yorba Linda Town Center, a 125,000-square-foot retail property in Yorba Linda, Calif., from Zelman Development Co., according to CommercialEdge information. The property traded for $55.7 million, or approximately $446 per square foot. Morgan Stanley Bank originated a $38 million acquisition loan on behalf of the buyer.

Yorba Linda Town Center came online in 2019 at 18421 Yorba Linda Blvd. The property encompasses nine buildings across an 8-acre site and houses tenants such as First Bank, Bristol Farms, Habit Burger & Grill, as well as several other eateries and cafés, the same data provider shows.

Located at the intersection of Imperial Highway and Yorba Linda Boulevard, the property is adjacent to Village Green Shopping Center and the Regal Yorba Linda movie theater. Downtown Anaheim is less than 10 miles southwest.

This year’s outlook for the retail sector is mixed, with categories such as grocery-anchored and fast food thriving, while others facing challenges due to rising occupancy costs and inflation. In addition, return-to-office policies are reshaping shopping habits, benefiting residential areas but hitting some denser hubs reliant on weekday office traffic.

All in all, Orange County is no stranger to wider nationwide trends, which lean more on the positive side. Local fourth-quarter retail reports by Kidder Mathews and CBRE show that the county is benefiting from positive absorption amid very limited new supply, with vacancy inching down as a result.