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11/25/15
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A joint venture of Citivest Commercial Investments LLC and Ares Management has acquired a major portion of Temecula Town Center in a transaction valued at $60 mil. The 242k sf ($248/sf) asset was sold through an online “best and final” round auction.
The sold portion of the center, located at 27540 Ynez Rd, at the intersection with Rancho California Rd and adjacent to I-15, boasts a strong tenant roster consisting of CVS, Home Goods, 24 Hour Fitness Sport Club, Chase Bank and Active, among others. The center is currently 85% occupied and provides the new owners with a true value-add opportunity.
Colliers Senior Vice Presidents Michelle Schierberl and Donald Ellis represented the seller, BACM 2006-5 Rancho California Limited Partnership, a Delaware limited partnership, in the auction process that began with an initial call for bids last August. A short list of qualified bidders was then selected for the best and final round that resulted in this sale.
Temecula Town Center was the first regional shopping center to be built in this master-planned community in 1989. Other major tenants in the center are Target and Vons supermarkets, each of which owns the properties upon which they are located.
“The buyer is 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 performs well today and should flourish in the care of the Citivest-Ares joint venture.”
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