YORBA LINDA, Calif., Jan. 7, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Home Ranch Commons, a 60,737-square-foot mixed-use medical and retail center anchored by UCI Health in Yorba Linda, California. The property sold for $34.65 million.
“The seller, Greenbridge Partners, was very successful in converting a 50%-occupied retail property into a 100% occupied medical retail center serving the Yorba Linda community,” said Tom Lagos, IPA executive director. “The buyer, Optimus Properties LLC, was the winning bidder among a robust group of investors pursuing the property and now steps into a thriving investment with strong credit tenants in one of the most affluent communities in Southern California. Congratulationsto Greenbridge and Optimus on a successful transaction!” Lagos and IPA’s Mark DeGiorgio, Jose Carrazana, and Patrick Toomey represented Greenbridge Partners.
“Optimus is acquiring a fantastic mixed-use medical and retail asset anchored by the University of California Irvine (UCI) that houses its oncology and specialty care units,” said DeGiorgio. “This health- and wellness-oriented asset is poised to outperform and will continue to be a staple in its North Orange County location. The acquisition will provide the buyer with robust cash flow, partially driven by the very accretive assumed CMBS loan, and provides fantastic mark-to-market upside.”
Optimus Properties LLC was co-founded by principals K. Joseph Shabani and Kamyar Shabani. “This acquisition fits perfectly within our retail strategy, given its size, location and credit tenant nature of the anchor,” said K. Joseph Shabani. “It was a pleasure to work with Tom, Patrick, Mark and Jose from the IPA team,” said Kamyar Shabani. “This was a deal with a lot of moving parts and a quick timeline to close and IPA came through.” With the acquisition of Home Ranch Commons, Optimus has almost $1 billion in assets under management.
The property is located along Yorba Linda Boulevard, which sees over 30,300 cars per day. A Stater Bros. grocery store, the Yorba Linda Public Library and Cultural Arts Center, and Yorba Linda Town Center are adjacent. UCI’s Placentia Linda Hospital is two miles away, and within a one-mile radius, the average annual household income is over $146,000.
Built in 1984 and renovated in 2018, Home Ranch Commons is co-anchored by a newly remodeled Kiddie Academy. The center’s tenant roster includes Blue Agave, YL Family Chiropractic, Bodhi Leaf Trading Co., Coder School, and Torkian Aesthetic Center.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Optimus Properties, LLC
Optimus Properties, LLC was started by Kamyar Shabani and K. Joseph Shabani in 2007, with the intention of owning and operating retail, office, medical office and multi-family properties. The company currently owns and/or operates assets in California, Colorado, Washington and New Mexico, with close to $1B in AUM. With a focus on value-add investment strategies, the company has built a portfolio that combines operational efficiency and market expertise. Optimus Properties, LLC will self-manage the property through its sister company, Optimus Property Management, LLC, which currently employes over 40 employees. It is a vertically integrated management company.
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