Trade Marketplace
Retail | 32,560 SqFt
Marketing description
Trade Marketplace is an irreplaceable trophy coastal Orange County retail center located in the highly-coveted, affluent master-planned community of Irvine. With its diverse and curated tenant mix consisting of food, beverage, and wellness tenants combined with its indoor/outdoor food hall and communal dining component, Trade Marketplace is an optimally positioned Orange County retail center serving local and destination-oriented customers.
Since its repositioning in 2017, Trade Marketplace has thrived, as witnessed by its stable historical occupancy and strong tenant sales. The property is 100% leased to 30 tenants with staggered lease expirations and no tenant accounting for more than 7.75% of the project's GLA, limiting rollover exposure in any given year. Through scheduled rental increases and rolling below-market rents to market, the NOI is projected to increase more than $754,000 (45%) over the hold period, equating to a 3.8% compound annual growth rate (CAGR).
The Irvine Business Complex (IBC) is a densely populated, infill, and extremely supply-constrained trade area for retail properties given its master planning, zoning regulations, residential focused densification, existing office building inventory, and The Irvine Company influence. There are little to no sites available for future large scale retail development, creating high barriers to entry making Trade Marketplace virtually irreplaceable real estate. With its Irvine location, little to no land remaining in the trade area for large scale retail development, and traditional retail center configuration (low-density, single-level buildings with surface parking), Trade Marketplace would not likely be developed today and instead replaced with high-density, vertical mixed-use development.
Investment highlights
- Income Stream Diversity - 100% leased 30 tenant retail center investment with staggered lease expirations and no tenant accounting for more than 7.75% of the project's GLA, limiting rollover exposure in any given year
- Significant Income Growth - Through scheduled rental increases and rolling below-market rents to market, the NOI is projected to increase more than $754,000 (45%) over the hold period, equating to a 3.8% compound annual growth rate (CAGR)
- Below Market Rents - Property-wide rents at Trade Marketplace are approximately 5% below market with many tenants more significantly below market levels, providing tenant stability and future rental growth opportunity
- Outstanding Trade-Area Demographics - Orange County's diverse economy, master-planned communities, nearly perfect climate, and high quality of life make it one of the most desirable locations in the country. Irvine holds a highly educated workforce with about 70% of the population holding a bachelor's degree or higher and is 1st in Orange County and among the top 20 school districts in California, with all five of its high schools placing in the top 5% statewide. Additionally, the city boasts a low crime rate, ranked as the nation's "safest city" for its size for 18 consecutive years
- More than 16,500 people within a 1-mile radius, with Average Household Income exceeding $130,000
- More than 170,000 people within a 3-mile radius, with Average Household Income exceeding $147,000
- More than 526,500 people within a 5-mile radius, with Average Household Income exceeding $154,500
- Daytime population exceeding 77,000 people (±92% employees) within a 1-mile radius and over 329,000 people (±75% employees) within a 3-mile radius
- High-Traffic, Easily Accessible Location - Trade Marketplace is situated on Michelson Dr (±14,900 CPD) between MacArthur Blvd (±48,700 CPD) and Jamboree Rd (±68,500 CPD), two of Irvine's most highly-traveled thoroughfares, immediately south of the I-405 (±284,500 CPD) and north of the SR-73 (±170,000 CPD), making the property easily accessible to local and regional patrons alike
- Irreplaceable Retail Real Estate - With its Irvine location, little to no land remaining in the trade area for large scale retail development, and traditional retail center configuration (low-density, single-level buildings with surface parking), Trade Marketplace would not likely be developed today and instead replaced with high-density, vertical mixed-use development - these same fundamentals provide for an excellent "land bank with income" opportunity
- Pride of Ownership Asset - With its high-quality 2017 & 2025 renovations, professional ownership/management, and Irvine location as well as its long-term and high-performing tenancy, Trade Marketplace is positioned as a legitimate trophy asset
- Superior Income Growth Investment - Trade Marketplace provides far superior income growth than equivalent grocery-anchored and power/box-oriented retail center investments, all with an irreplaceable asset
- Delivered Debt Free - Delivered free and clear of any existing financing, providing an opportunity to purchase all-cash or with new financing
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