For Sale: One Shopping Center, Lightly Used

Want to own a shopping center in Mission Viejo? Here you go:

Robert Warren, a court appointed receiver for The Kaleidoscope Courtyards in Mission Viejo, said he has been asked by the court to sell the property.

Warren said in voice message that he took over the operation of the shopping center at the end of last October.

It’s unknown why Warren took over the operation of the shopping center. Warren could not be reached for further explanation.

Last July, Lansner on Real Estate blog reported that Kaleidoscope apparently faced “imminent default” on its mortgage, according to a report by Fitch Ratings.

“The center is continuing to run normally,” Warren recently said.

Warren declined to comment on the center’s occupancy rate. The shopping center’s tenants include Burke Willams Spa, Edwards Cinema, Ego Salon, Nine Star, Petra’s Fine Jewelry and Play N Trade, according to its Web site.

Last year, Bristol Farms and El Torito Grill closed their locations at Kaleidoscope.

I questioned the wisdom of building this place from the very start. Access can be difficult thanks to traffic on Crown Valley, parking is not generally close to any of the stores or restaurants, it's just across the street from the giant Mission Viejo Mall, and there's simply not a lot of good reasons to go there. I've probably been in the center less than 10 times though I drive by it several times a week.

They'd probably be better off bulldozing the whole thing and putting in a 7-11. At least people will stop at a 7-11.