Irvine-based Shopoff Realty Investments Tuesday the sale of the 27,000-square-foot Los Alisos Village shopping center in Mission Viejo for $14.5 million.
Shopoff purchased the property at 22922 Los Alisos Blvd. in 2015 and completed a full renovation of the property, including a new facade, roofs, resurfacing and restriping of the parking lot, landscaping, tenant signage and a new monument sign.
“We worked very closely with the city of Mission Viejo to ensure the renovations and new look of this popular neighborhood shopping center aligned with their plans for the future of this great city,” said President and CEO William Shopoff. “By bringing this center back to life, we were able to add tremendous value to this asset that ultimately attracted a qualified buyer, allowing us to capture appreciation.”
Shopoff added, “While there is much talk of retail fading as consumers move to online shopping, neighborhood retail centers like Los Alisos Village offer food and other essential items that are tough to replace with online ordering. In fact, the tenants at this center outperformed our expectations for the recession, and that stability aided in a successful sale. Overall, we think the future health and prosperity of this newly renovated property will endure for years to come.”
Not included as part of the sale is a parcel that includes a 4,978-square-foot building currently leased to Village Montessori. The school is moving ahead with a purchase of the facility, with the closing scheduled for early 2021.