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March 25, 2019
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RETAIL NEWS
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Investor Exchanges into $9.4 Mil Inland Empire Retail Asset

12/18/18

The Shops at Town Center Marketplace, a 12.6k sf, retail strip center in Menifee, was purchased by a local investor for $9.4 mil ($746/sf).

Located at 30029-30067 Haun Rd, The Shops at Town Center Marketplace was completed in 2016 and features a strong tenant mix of national and other well-known brands such as Sprint, Habit Burger, Nekter, Jimmy John’s, Yogurtland and West Coast Dental. The center benefits from its array of internet-resistant, service, medical, and restaurants tenants.

Melissa Ley and Ian Schroeder of CBRE represented the buyer, who was in a 1031 exchange. Matt Burnett, also with CBRE, repped the seller, a private investor.

“For the past 30 years, this buyer has been involved in multifamily investments,” said Schroeder. ”But compared with the current multifamily market, retail provides higher returns and is a more hands-off investment, which ultimately lead the buyer to take advantage of this opportunity. This is a unique asset given the lack of quality retail strip centers in Southern California available on the market.”

Added Ley, “As multifamily cap rates compress even further, we are seeing a flight to quality retail properties, especially into single tenant, triple net assets with zero landlord responsibilities. Although this property is multi-tenant, the quality of the real estate, superior location and tenant mix really drove buyer interest.”

Menifee continues to grow, including a 558k sf, mixed-use development on 172 acres under construction that is located adjacent to this site. The project will feature 850 residential units, a movie theatre, a community park and a site for a new City Hall.





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