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5/12/17
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Passco Companies has acquired Temescal Village, a 103k sf neighborhood shopping center in Corona, for $16.95 mil ($165/sf). It was sold by an unnamed private investor.
Built in 1983, Temescal Village is located at 1181-1199 Magnolia Ave, south of the 91 Fwy and just west of I-15. It is currently 93.5% leased to a mix of 19 well-known tenants including CVS Pharmacy, Citibank, Carl’s Jr., Wells Fargo, H&R Block, the UPS Store, County of Riverside and Metro PCS, among others.
Passco plans to modernize the property through a series of strategic renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façade throughout the center, as well as adding a variety of social gathering, outdoor dining, and seating areas throughout the center.
“Temescal Village is a prime retail asset with strong value-add potential,” says Todd Siegel, Vice President of Retail Acquisitions for Passco Companies. “The retail center is located in a densely populated residential community along the 15 freeway in a market with significant barriers to entry for new retail supply and incredibly low retail vacancy.”
According to Siegel, at the close of Q4 2016, the immediate Corona retail market had a vacancy rate of 4.4 percent.
Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.
Walker, a Managing Director with Cushman & Wakefield, adds, “Temescal Village is an asset that is truly positioned for future upside and growth. It has proven stable cash flow, a diversity of credit worthy tenants, and is located in a market with an established trade area. The region experienced a much quicker recovery post-recession compared to other areas in the Inland Empire, which is indicative of the future economic health of the region, strongly positioning the asset to continue to perform well over the long-term.”
The architectural firm involved in the renovations for the center is the Architecture Design Collaborative. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
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