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February 23, 2019
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Moreno Valley Retail Asset Trades for Over $500/sf


A 6.4k sf retail building in Moreno Valley, sold for $3.53 mil, or $552/sf. The property is fully occupied by two corporate tenants – TitleMax and Coast Dental – which are both on long-term triple-net leases.

Situated on .3 acres at 12252 Perris Blvd, the property is in the main retail corridor of Moreno Valley. Renovated in 2015, it offers prime visibility and monument signage and is within a larger retail center that includes CVS/Pharmacy and Dollar Tree.

Patrick Toomey and Matt Brooks with Faris Lee Investments represented the seller, TC Enterprise LLC. The buyer, Perrishemlock LLC, was repped by Realty ONE Group. The asset closed at a 6.22% cap rate.

Toomey pointed out, “The transaction closed escrow on time despite the fact that Coast Dental’s corporate headquarters was affected by Hurricane Irma which required management of timing issues throughout the due diligence process.”

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