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2/01/18
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An unnamed SoCal investor paid $5.73 mil for Lakeshore Village Marketplace, an 80k sf ($72/sf), value-add neighborhood retail center in Moreno Valley. The property was sold by two family trusts from Los Angeles.
Built in 1993 and situated on 10.34 acres at 23571-23581 Sunnymead Ranch Pkwy, Lakeshore Village is 36% occupied by Subway, Bank of America and other neighborhood restaurants and retailers. Even though the center lost the grocery anchor tenant a few years ago, it has been able to maintain its overall shop space occupancy.
Donald MacLellan and Joseph Chichester with Faris Lee Investments represented the seller in the transaction. Gene Ventura and Jeff Conover, also with Faris Lee, repped the buyer.
According to MacLellan, the property is within Sunnymead Ranch, an affluent master-planned community, and is the only neighborhood center serving it. He notes there is potential to add future development on a two-acre portion of the property.
Convenient to the 60 freeway, Sunnymead Ranch is comprised of primarily single-family residences with over 500 planned single-family units proposed for future development. Lakeshore Village’s location is ideal for servicing the surrounding neighborhoods as the property lies directly between the two main thoroughfares of the region, Pigeon Pass Rd and Heacock St, which are both intersected by Sunnymead Ranch Pkwy.
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