Jeronimo Center sold, conversion eyed

Local market strength creates upside potential

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Faris Lee Investments negotiated the sale of Jeronimo Center, an 82,782-square-foot mixed-use shopping center in Mission Viejo, Calif. The value of the transaction was $25 million. Remodeled in 1998, the property is located at 25800 and 24001 Via Fabricante on more than seven acres. It was 92 percent occupied at the time of sale to tenants that included Jack in the Box, Quiznos, FedEx, Kinkos, EZ Lube, Frazee Paints, Hertz and Papa John's. Locally based PASSCO sold the property to Warmington Capital Partners, also based in Irvine. "Faris Lee's strategy was to focus on the strength of the local market, which is at a low 3 percent vacancy, the center's below-market rents that offered an upside opportunity, the fact that no competing new retail developments are planned for the community, and the potential being extremely remote for any additional competing auto repair facilities," said Dennis Vaccaro of Faris Lee. "Furthermore, the future potential to parcelize the center and condo-co...