Tustin, Calif.– Coreland Companies’ brokerage division executed three additional leases at the newly re-developed 5970 Orangethorpe property in Buena Park, Calif., bringing it to 100% leased. The Habit Burger, Pizza Studio and Yogurtland will join existing tenants Chipotle, Starbucks and Jersey Mike’s which opened earlier this year, and were also brokered by Coreland.
Coreland's Director of Retail Brokerage Matt Hammond represented Charlie Lyons Properties in all lease transactions, with the most recent three totaling over $2.5 million in consideration.
“We are extremely pleased with the success of the redevelopment of 5970 Orangethorpe,” said Hammond. “As a team, we identified a market need for quick service restaurants and saw a tremendous opportunity to capitalize on an underserved office and industrial trade area. We developed and executed our marketing plan within two years of taking on the property.”
Among the three transactions, The Habit Burger signed a 10 year lease for 2,194 square feet; Pizza Studio signed a 10-year lease for 1,526 square feet; and Yogurtland signed a 10-year lease for 1,194 square feet. John Romm of Commercial West represented The Habit Burger.
Originally a hog ranch dating to the early 1930s, the property was the childhood residence of property owner, Charlie Lyons. Lyons eventually converted the former ranch to retail in the 1950s and the site was home to a series of family restaurants until left vacant in 2010. Aware of a void in the marketplace, the team’s recommendation to reposition the property and focus on attracting QSR tenants led to its eventual redevelopment.
The Habit Burger, Pizza Studio and Yogurtland are each scheduled to open this Fall.
About Coreland Companies
Coreland Companies (www.coreland.com) is a full-service commercial real estate company with expertise in retail, office and industrial properties. As one of the largest privately held commercial real estate service companies based in California, Coreland’s current portfolio exceeds 100 properties and totals more than 10 million square feet. Founded in 1990 by Chris Hite and Pat Galentine, the company boasts a successful track record of commercial real estate ownership, management, repositioning and brokerage.