Plaza Pacifica offering reflects strong demand for grocery-anchored retail properties in affluent Southern California markets
Investors seeking retail properties in Southern California have a new opportunity as a shopping center in San Clemente comes up for sale. A 23,679-square-foot retail center, located at 979 Avenida Pico, has been listed for sale at $23.25 million, or approximately $982 per square foot, according to a brochure from Faris Lee Investments, which is marketing the property. Public property records show the owner is a New York-based entity.
Plaza Pacifica, built in 2002 on 2.43 acres along Avenida Pico, generates a net operating income of $1.16 million annually, translating to a 5 percent capitalization rate. The sale includes an assumable loan with a 4.4 percent fixed interest rate and interest-only payment terms through May 2029, a financing structure that could appeal to investors seeking to avoid current higher borrowing costs.
Faris Lee Investments has announced that the center operates as a shadow-anchored grocery development, positioned adjacent to a recently renovated Pavilions supermarket. According to the marketing brochure, Albertsons converted the location to its upscale Pavilions format following a substantial capital investment. The tenant roster includes Board & Brew, Baja Fresh, Verizon Wireless, AT&T, Navy Federal Credit Union and Mattress Firm. The Avenida Pico property is located within a larger retail ecosystem that includes Walmart and Lowe’s as anchor tenants.
Brokers point out that San Clemente’s demographics support the asking price for Plaza Pacifica, with average household income exceeding $195,000 within a three-mile radius. The trade area encompasses nearly 100,000 permanent residents and 35,000 daytime workers within five miles of the property, based on data cited in the listing. In addition, the location sits adjacent to a 299-acre business park that maintains 98 percent occupancy.
The offering comes as grocery-anchored retail centers continue to attract investor interest, particularly in affluent coastal markets where household spending power remains strong despite broader economic uncertainties. The listing adds that the property’s shadow-anchor positioning with Pavilions provides rental income stability while potentially offering lower acquisition costs compared to directly anchored properties.
The Plaza Pacifica offer is being marketed by Donald MacLellan and Alec Patterson of Faris Lee Investments.
