Commercial real estate brokerage Wood Investments Companies has acquired a 25,500 square foot retail building in San Clemente, California.
Let by The 99 Store, the property was purchased in an off-market transaction for US $6.95 million.
Situated in southern Orange County, San Clemente offers a prime location between Los Angeles and San Diego.
Known for its beautiful beaches, Spanish Colonial Revival architecture, and thriving hospitality industry, San Clemente is a popular destination for tourists and residents alike.
According to Patrick Wood, CEO and president of Wood Investments Companies, the acquisition aligns with their strategic focus on the South Orange County real estate market.
The retail building is situated on a 3.09-acre lot at 55 Via Pico Plaza within the Pico Plaza shopping center.
It benefits from freeway visibility and pylon signage, with favorable demographics including an average household income of over $178,000 within a three-mile radius.
The 99 Store has been a valued tenant and partner in our other centers, and we saw this as an opportunity to collaborate with them once again.
Additionally, the property benefits from high traffic volumes, with approximately 205,300 cars passing by on Interstate 5 and around 45,800 cars on Avenida Pico each day.
The area surrounding the property is home to more than 99,400 residents within a five-mile radius.
Pico Plaza is home to various tenants, including Fitness 19, Dunn-Edwards Paints, Hertz Car Rental, Stuft Pizza, Del Taco, and more.
The retail landscape in the vicinity includes popular brands such as Lowe’s, Michaels, Walmart, Albertsons, Ralphs, Rite Aid, CVS pharmacy, In-N-Out, Chipotle, McDonald’s, Starbucks, Panda Express, among others.
Additionally, the property is less than a mile away from the Outlets at San Clemente shopping center, offering over 60 designer brands, as well as San Clemente High School with nearly 3,000 students.
Wood Investments Companies remains focused on identifying value-add development opportunities across the Western U.S., particularly those that allow for the creation of grocery-anchored neighborhood shopping centers as a result of their design or demographic profile.
