HFF, on behalf of the owner, is marketing a 49,149-square-foot, core, drug-anchored and grocery-shadow-anchored community shopping center for sale on Pacific Coast Highway in Laguna Beach, California. Aliso Creek Shopping Center is 100 percent occupied and offers potential investors the rare opportunity to acquire a trophy shopping center with strong in-place cash flow. The property offers an internet-resistant mix of uses, including a drug store, entertainment and food and beverage outlets within a highly sought-after coastal submarket.
Situated on 4.2 acres at 30814-20936 Pacific Coast Highway in Laguna Beach, Aliso Creek Shopping Center is positioned in one of the most affluent communities in Southern California. Laguna Beach has average household incomes exceeding $198,900, and the average housing value within a one-mile radius of the property is $2.2 million. Aliso Creek Shopping Center benefits from not only the local population but also the six million tourists that visit Laguna Beach annually.
Retail Investment Highlights Include:
- Top-Tier Anchor Tenants with Internet-Resistant Tenant Mix: Aliso Creek Shopping Center is anchored by CVS Pharmacy and shadow anchored by Gelson’s (NAP). These two top-tier operators provide an internet- and recession-resistant “daily needs” draw to the property, complemented by strong performing shop tenants. An original tenant of Aliso Creek Shopping Center, CVS Pharmacy, which recently executed a 20-year lease extension, solidifies more than 46 percent of the rental income stream with a top-tier tenant and a strong credit rating of BAA2 via Moody’s.
- Generational Opportunity to Own a Core Retail Asset: Aliso Creek Shopping Center has been owned by an institutional investor for more than 20 years and has never been offered for sale during their ownership. With investment properties rarely trading in Laguna Beach, Aliso Creek Shopping Center presents a unique opportunity to acquire an irreplaceable core shopping center in one of the most desirable cities in the country.
- Extremely High Barriers to Entry: A stringent approval process, high construction costs in the trade area and virtually no sites available for future development creates extremely high barriers to entry, securing the retail center’s long-term growth and success. The last neighborhood shopping center built in Laguna Beach was in 1983.
- Highly Visible Location with Excellent Accessibility: Aliso Creek Shopping Center is located along one of the most prominent and well-traveled regions in the county, Pacific Coast Highway, one of two roads providing access to Laguna Beach with traffic counts exceeding 36,000 vehicles day. The retail property for sale also has a rare signalized left turn off of Pacific Coast Highway, providing direct access to passing traffic. Additionally, Aliso Creek Shopping Center shares a signalized intersection and crosswalk with the Montage Laguna Beach, a 250-room, Five-Star resort regularly regarded as the best in Southern California with room rates starting at around $600 per night. The Montage’s surrounding coves and beaches are open to the public, and, in conjunction to the nearby Aliso Beach Park, drive a significant amount of both local and tourist traffic to Aliso Creek Shopping Center.
In the last 10 years, there have only been three grocery-related trades along the Pacific Coast Highway corridor in the Newport and Laguna Beach submarkets, providing investors with an extremely rare opportunity. For more information on this retail center for sale or other commercial real estate properties for sale, please contact Gleb Lvovich, Bryan Ley or Daniel Tyner in HFF’s Orange County office. Click here to search our real estate investment sales listings.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
Photo: Patrick Tang of Take Flyt Imaging