Lake Forest Village
Address: 24251 Muirlands Boulevard
Lake Forest, California
Purchased: September 2006
Price: $32,925,000 ($275 per square foot)
Size: 119,741 sq ft
Lake Forest Village is a premier, neighborhood shopping center anchored by Albertsons and Sav-On Drugs, benefitting from its outstanding location within a strong, South Orange County residential area.
Edgewood formulated a property improvement program to upgrade the shopping center and its tenancy, including renewing Albertsons’ and Sav-On Drugs’ anchor leases within the first 18 months of ownership, and added significant long-term value.
Status – The property was sold in October of 2008 for $38,456,000. ($321.16 per square foot). The annualized return on equity was approximately 14%.