TUSTIN, CA (March 13, 2013) – Coreland Companies’ brokerage division recently executed three deals at the newly re-developed 5970 Orangethorpe property in Buena Park, Calif. Coreland’s Director, Retail Brokerage Matt Hammond represented Charlie Lyons Properties in lease transactions with Chipotle, Jersey Mike’s and Starbucks, totaling over $3 million in consideration.
Among the three transactions, Chipotle signed a 10-year lease for 2,246 square feet; Jersey Mike’s a 10-year lease for 1,300 square feet; and Starbucks signed a 10-year lease for 1,800 square feet. John Romm of Commercial West represented Chipotle and Jersey Mike’s. Starbucks was represented by Jason Gordon of Epsteen & Associates.
Originally a hog ranch dating to the early 1930s, the property was the childhood residence of the property owner, Charlie Lyons, who eventually converted the former ranch to retail in the 1950s.
“With approximately 1 million square feet of office and industrial space in the immediate area, we identified the opportunity to capitalize with a variety of quick-serve restaurants, rather than one large tenant,” said Hammond. “The redevelopment and consequential signings further compliment the overall revitalization that has taken place at the Valley View and Orangethorpe intersection.”
Chipotle and Jersey Mike’s are currently under construction and are expected to open this Spring.