Hanley Investment Group Real Estate Advisors has been retained by Burnham USA Equities, a Newport Beach–based developer, to market for sale LOCAL, a newly renovated and rebranded lifestyle retail center located at 28321–28361 Marguerite Parkway in Mission Viejo. The asking price is $29.7 million.
President Ed Hanley and Executive Vice President Kevin Fryman are leading the marketing efforts for the 46,244-square-foot property, which is currently 98% occupied. Major tenants include Ferguson Home, Joybird, Terra Outdoor Living, Sleep Number, Walgreens and Pure Barre. LOCAL underwent a comprehensive exterior renovation completed in 2022, along with a full rebranding initiative.
“The renovation and rebranding have transformed LOCAL into a stabilized, turnkey investment with predictable operating performance and strong tenant appeal,” said Fryman. “The two-parcel configuration allows for the potential disposition of an individual parcel at a lower capitalization rate, whether the Ferguson-anchored building or the two-story pad building, providing an opportunity to reduce overall basis or generate partial liquidity while retaining the remainder of the investment.”
