|
8/20/15
|
Time to bid on a major retail asset in Temecula is running out. August 31 is the deadline for initial bids for a 241.9k sf portion of Temecula Town Center, a 491.7k sf regional shopping center constructed in 1989.
The asset, part of one of the first regional centers built within this Riverside County master-planned community, will be sold at auction, according to Colliers Senior Vice Presidents Michele Schierberl and Donald Ellis, who are marketing the property. Following acceptance of initial bids on Aug. 31, a short list of qualified bidders will be selected for a “best and final” auction to be held in late September.
Located at 27540 Ynez Rd, near the heavily-trafficked intersection of Rancho California Rd and I-15, the center’s anchor tenants include Target, Von’s, Chase Bank, CVS, HomeGoods, 24 Hour Fitness Sport Club and Active. A portion of the center is being redeveloped into multi-family residential, which will enhance the overall center as it transitions to a mixed-use environment.
“The buyer will be getting a stable and seasoned center in a premier location with a proven mix of national credit tenants and local, long-term retailers, many of which have been in the center since it opened 26 years ago,” Schierberl said. The center currently has an occupancy rate of more than 85 percent.
An investor can achieve “value-add” returns by leasing the available spaces on this stabilized, well-located center within a growth community, Schierberl added.
|
|
Return to the Archive page
|
|
|
|
|