Transactions - APRIL 9, 2020

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Southern California mixed-use center to be repositioned to medical arts plaza

by Andrea Zander

Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda, Calif., will be repositioned into a medical arts plaza with a medical anchor tenant.

Faris Lee Investments has arranged $39.6 million on behalf of an undisclosed private investment company.

Renovations include adding an additional 11,450-square-foot corner retail wing and re-tenanting of the vacant units.

“The favorable location, as well as the lack of retail and retail development in the trade area, presented significant opportunities for the disposition of the asset. However, the future of the property faced many challenges like the high vacancy, the lack of anchor, the complex site plan with multi-level layout, the lack of entitlement for the additional retail development built into the projected Pro-forma, and the uncertainty of the office building lease-up,” said Nick Coo, represented the seller, an undisclosed private investment company.

“We recei

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