A commercial real estate investment company local to Southern California has recently expanded their portfolio in Orange County. Wood Investments Companies, Inc., which specializes in retail real estate, acquired a 25,500-square-foot retail space in San Clemente California. The tenant currently occupying the newly acquired space is The 99 Cent Store. This was an off-market transaction with a purchase price of $6.95 million. A notable feature of this specific location is the high visibility it has from the nearby freeway.
San Clemente as the location for this new property serves as an advantageous location for various reasons. It is in southern Orange County and finds itself about halfway between the densely populated cities Los Angeles and San Diego. Additionally, San Clemente attracts tourists that travel to Southern California due to the beaches and hospitality industry present there.
“Strategically, we like the South Orange County real estate market in the short- and long-term,” said Patrick Wood, CEO of Wood Investments Companies. “The 99 Store has been a good tenant and partner of ours in other centers and this was another opportunity to partner with them again.”
The retail space occupied by The 99 Cent Store boasts a 3.09-acre lot located at 55 Via Pico Plaza in the Pico Plaza shopping center. The location is nearby the Interstate 5 Avenida Pico ramp as well as close to the beach. Both Interstate 5 and Avenida Pico see a lot of frequent traffic which subsequently gives drivers exposure to Wood Investments’ newly acquired property. The population near The 99 Cent Store is more than 99,000 people with a large portion of them making over $178,000 as the average income.
The shopping center in which this new property is located includes other complimentary and prominent tenants such as Fitness 19, Hertz Car Rental, and Del Taco. Also, within the immediate area includes retailers such as Walmart, In-N-Out, Ralphs, Starbucks, and Lowe’s. The Outlets at San Clemente are located less than a mile away from this location that hosts a wide variety of designer brands.
