Pico Pavilion San Clemente
Wood Investments announces the acquisition of The 99 Store in San Clemente, California, in an off-market transaction.
Wood Investments Companies, Inc., a fully-integrated commercial real estate investment company specializing in retail, announced today the acquisition of a 25,500-square-foot, freeway-visible retail occupied by The 99 Store in San Clemente, California, in an off-market transaction. The purchase price was $6.95 million.
San Clemente is located in southern Orange County and is situated roughly midway between Los Angeles and San Diego. San Clemente is a popular tourist destination in Southern California, known for its beaches, Spanish Colonial Revival architecture and hospitality industry.
“Strategically, we like the South Orange County real estate market in the short- and long-term,” said Patrick Wood, CEO and president 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 99 Store’s building is located on 3.09 acres at 55 Via Pico Plaza at the Pico Plaza shopping center, near the Interstate 5 Avenida Pico on/off ramp and a five-minute drive from the beach. Interstate 5 has approximately 205,300 cars per day; Avenida Pico has approximately 45,800 cars per day. The property benefits from pylon signage with freeway visbility and very favorable demographics (average household income within three miles is over $178,000). More than 99,400 people live within five miles of the property.
Tenants at Pico Plaza include Fitness 19, Dunn-Edwards Paints, Hertz Car Rental, Stuft Pizza, Del Taco and many others. Retailers in the area include Lowe’s, Michaels, Walmart, Albertsons, Ralphs, Rite Aid, CVS pharmacy, In-N-Out, Chipotle, McDonald’s, Starbucks, Panda Express, and others. Less than a mile away is the Outlets at San Clemente shopping center with more than 60 designer brands and San Clemente High School (with nearly 3,000 students).
Wood Investments Companies continues to look for well-located value-add development opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create new grocery-anchored neighborhood shopping centers.
07/10/2023
