Michelson Marketplace, Key Irvine Location Retail Center, Sells to Developer
New Owner, Lincoln Property Company, Plans Renovation & Upgrade
In a further sign that the Orange County Airport area is being transformed from its traditional suburban and low-rise character into a dynamic, high-density urban hub, Lincoln Property Company has acquired the 32,560-square-foot Michelson Marketplace within the Irvine Business Center and plans to renovate the 29-year-old shopping center, officials of Colliers International have reported.
Colliers’ retail investment team members Michelle Schierberl, Donald Ellis, Jereme Snyder and Mark Joens, all of the firm’s Irvine office, represented the private seller in the transaction. Joens also had previously served as the center’s leasing agent. Lincoln Property Company represented itself in this transaction.
Although the final selling price was not disclosed, the publicly listed asking price was $13 million.
“The buyer recognized the value of this key location, especially as the airport area transitions into a more urban, mixed-use environment, said Schierberl. “Lincoln is planning a complete renovation of the property to better reflect the growing urbanization that is taking place there.”
Located east of the airport on nearly three acres at 2222 and 2272 Michelson Drive, it currently includes a convenience center, the OC Wine Mart, a variety of service-oriented businesses and an indoor food court. It is more than 90 percent occupied.