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11/05/15
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In a recent Inland Empire retail investment deal, Sun City Plaza Shopping Center, a 56k sf property in Menifee, traded hands in a transaction valued at $10.2 mil, or $182/sf. The asset was sold by Red Mountain Group.
Built in 1996, Sun City Plaza is located at 26100 Newport Rd, two miles west of I-215 at Murrieta Rd, one of the most heavily trafficked intersections in the city. There are additional pad parcels at the center that are under different ownership and were not included in this transaction.
The property is fully occupied by three tenants -- 99 Cents Only, True Value Hardware and Fitness 19. They occupy a space that formerly housed an Albertsons but had since been renovated and re-positioned in 2013/2014 to accommodate them.
The immediate area on the west side of Menifee is home to several highly publicized residential communities in the development pipeline. Within a two-mile radius, over 4,000 residential units are expected to be delivered to the market over the next two years.
Cushman & Wakefield’s Retail Investment Team led by Dixie Walker facilitated the sale of the property, representing the seller in the deal. The buyer, a private investor based out of Southern California, was repped by Fara Raban of OPICS Properties LLC.
According to Walker, the team generated enough interest in the preliminary marketing phase to move forward with one of the first qualified prospects that expressed interest in the deal. “The general consensus in the marketplace is that the Inland Empire is back - the job climate is improving every quarter and unlike the trend leading up to 2008-09 with mostly construction jobs, the local economy is showing strong diversity in blue and white collar employment. Owners believe in the future growth prospects for the Riverside/Moreno Valley corridor that runs along I-215.”
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