JLL Capital Markets arranged the sale of the 9,624-square-foot Newport and Walnut Center located in Tustin, California
News release
28 March 2024
High-performing retail strip center in Orange County trades for $6.225M
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IRVINE, CA Mar. 28, 2024 – JLL Capital Markets announced today that it has closed the $6.225 million sale of Newport and Walnut Center, a 9,624-square-foot retail strip center located within Orange County in Tustin, California.
JLL worked on behalf of the seller, a private family trust that owned the center for over 20 years, and the buyer, World Premier Investments, who acquired the asset for their 1031 exchange.
Newport and Walnut Center is a high-quality unanchored retail center that features a diversified tenant mix of food, health, beauty and household services. The property is 100% leased to eight tenants, including HiroNori Craft Ramen, Crown Beauty, Studio 18 Nail Bar, Moon Lash Beauty and more.
Situated at 13812 Newport Ave., Newport and Walnut Center is positioned strategically along the bustling Newport Avenue (27,834 VPD) and is just 0.4 miles to the I-5 freeway (345,310 VPD). The center is located within a prime residential node, with total residents exceeding 35,679 within a one-mile radius and approximately 219,033 residents within a three-mile radius. The property also sits adjacent to Tustin High School, catering to a student population of over 2,200, and is within close distance to Old Town Tustin.
The JLL Capital Markets Investment Sales Advisory team was led by Senior Director Daniel Tyner and Managing Directors Gleb Lvovich and Geoff Tranchina.
“Newport and Walnut received a significant amount of interest from the market as the property presented a unique opportunity to acquire an infill strip center with future upside. This transaction proves the strong investor demand for well-performing, daily needs strip centers,” said Tyner.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.