Invest in LOCAL: A Turnkey Opportunity in South Orange County
Introduction to LOCAL
Located in the heart of Mission Viejo, California, the recently rejuvenated LOCAL lifestyle retail center presents an unparalleled investment opportunity. Developed by Burnham USA Equities, this 46,244-square-foot center is strategically situated at 28321–28361 Marguerite Parkway, nestled in one of South Orange County’s most coveted retail corridors. With an impressive 98 percent occupancy rate, LOCAL is now placed on the market with an asking price of $29.7 million, equating to approximately $642 per square foot. The combination of its prime location and strong financial performance makes this property an attractive prospect for discerning investors.
Comprehensive Renovation and Rebranding
In 2022, LOCAL underwent a substantial exterior renovation coupled with a strategic rebranding initiative, tailored to meet the market needs of the affluent South Orange County demographic. According to Stephen Thorp, executive vice president at Burnham USA Equities, the project aimed to transform an underutilized asset into a distinctive destination. This redesign creates an engaging shopping environment that is not only visually appealing but also well-curated, fostering long-term relevance in the local retail landscape. The meticulous attention to detail in the renovations emphasizes the commitment to enhancing both tenant and consumer experience.
Robust Tenant Mix for Stability
One of the standout features of LOCAL is its diverse tenant base, comprised of 94 percent national and regional retailers. Anchored by reputable names like Ferguson Home, Joybird, Terra Outdoor Living, and Sleep Number, the center also includes established tenants such as Walgreens and Pure Barre. This powerful tenant assembly enhances the center’s appeal and supports stable cash flow, particularly with a weighted average lease term recently extended to 7.0 years. This long-term lease stability, along with the ongoing tenant performance, places LOCAL in a strong position, appealing to both private and institutional buyers increasingly focused on stable investments in today’s market.
Demand for Retail in Orange County
The retail market in Orange County is currently witnessing renewed investor enthusiasm, bolstered by a record number of property sales in recent quarters. The Q3 2025 market report from Matthews Real Estate Investment Services notes over 250 property transactions accumulating over $1.1 billion in sales, highlighting a dramatic year-over-year increase. The average retail vacancy rate has diminished to just 3.2 percent, indicating a supply-constrained environment where well-located retail assets like LOCAL thrive. Coupled with a healthy absorption rate, the stage is set for a promising retail investment landscape.
Future Growth and Area Demographics
The demographic profile surrounding LOCAL is not only affluent but also expanding. The five-mile trade area boasts over 289,000 residents with an impressive average household income of $191,000 within a three-mile radius. Upcoming residential developments at Rancho Mission Viejo promise to add approximately 14,000 units, further enhancing demand for home-oriented retail categories. Additionally, the center’s close proximity to The Shops at Mission Viejo—an enclosed mall attracting around 5.4 million visitors annually—reinforces its strategic advantage. The ongoing transformation of this mall into an outdoor village concept underscores the increasing consumer demand for vibrant retail experiences.
Flexible Investment Opportunities
An attractive feature of LOCAL’s two-parcel configuration is the potential for individual parcel disposition. Buyers might consider separating the Ferguson-anchored building from the two-story pad building, allowing the possibility of reducing their overall investment basis or gaining liquidity while maintaining ownership of part of the asset. This degree of flexibility can be particularly appealing in a dynamic retail investment environment.
Conclusion: A Prime Investment in Retail Real Estate
Burnham USA Equities has a long-established reputation for enhancing retail environments across Orange County, and LOCAL exemplifies this commitment. As investors seek stable, high-performing assets in a thriving retail market, LOCAL stands out as a unique turnkey opportunity. With its prime location, robust tenant mix, and the strategic growth dynamics of the surrounding area, this lifestyle retail center is poised for continuous success, making it an attractive proposition for a discerning investor looking to capitalize on South Orange County’s retail potential.
Investing in LOCAL is more than a transaction; it’s a chance to step into a flourishing retail community with promising long-term prospects.
This article is based on reporting from theregistrysocal.com.
The original version of the story can be found on their website.
Original Source:
theregistrysocal.com
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