The center, located at 3440-3492 East Orangethorpe Avenue, is a single-story, 23-suite retail building with a common parking area. The site is approximately 36,453 square feet and sits in proximity to a variety of daily-need amenities, banking institutions and medical offices. The neighborhood is in a stable stage of development, with limited opportunity for new retail centers.
OCTA is nearing completion of a large, multi-phase project called OC Bridgthat will eliminate railroad grade crossings with the construction of bridges at five intersections in the cities of Anaheim, Fullerton, and Placentia. These upgrades will improve safety, convenience and traffic flow.
“Lakeside Plaza, which was vacant for three years, will provide the new entrepreneurial owner a clean pallet to create his vision of what the market desires,” said Andrich. “The recently constructed bridges on Orangethorpe now provide easy and convenient access to the center and local trade area.”
Orange County retail concluded 2016 with outwardly strong market fundamentals. Vacancy reached its lowest rate since before the recession, and all five major submarkets recorded positive quarterly absorption demonstrating robust leasing activity in the fourth quarter, according to CBRE Research. Moving into the new year, the Orange County retail market continues to tighten with quality spaces leasing quickly at high asking lease rates.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.