Newmark Knight Frank to Lease 2.2 MSF Orange County Portfolio
- Aug 26, 2020
ValueRock has selected Newmark Knight Frank to lease its roughly 2.2 million-square-foot retail portfolio spread across Orange County. Vice Chairman Bill Bauman, Executive Managing Director Bryan Norcott and Senior Managing Director Mark Baziak will oversee the space.
The portfolio comprises five properties, as follows:
- Located at 26501 Aliso Creek Road in Aliso Viejo, Calif., the proposed 1.9 million-square-foot mixed-use The Commons at Aliso Viejo includes more than 200,000 square feet of immediately available space
- Moulton Plaza is situated at 23535-23601 Moulton Parkway in Laguna Hills, Calif., and consists of 155,000-square-feet of repositioned space
- Lake Forest Gateway is a fully redeveloped retail center comprising 77,855 square feet at 23600 Rockfield Blvd. in Lake Forest, Calif.
- Situated at 501 E. First St. in Tustin, Calif., Larwin Square included 41,400 square feet of anchor space
- Valley View Center includes 45,345-square feet of space at 17474-17568 Yorba Linda Blvd. in Yorba Linda, Calif.
According to a recent second-quarter NKF report, Orange County saw a 30-basis point increase year-over-year in total vacancy, to 4.1 percent, as a result of negative absorption. Meanwhile, average asking rates increased 6.2 percent across all retail types. At the national level, retail and food services experienced a 1.2 percent sales increase in July compared to the previous month, U.S. Census Bureau’s monthly retail sales report shows.