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December 11, 2017
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INLAND EMPIRE NEWS
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Inland Empire Retail Complex Traded in $56 Mil Deal

11/03/17

Murrieta Town Center, a 334.9k sf, value-add community shopping center in the Inland Empire city of Murrieta, was purchased by an affiliate of U.S. Realty Partners Inc for $56.6 mil, or $169/sf. It was sold by a private seller, Jade Enterprises.

Photo: Bob Fawcett
Photo: Bob Fawcett
Murrieta Town Center is 81% leased and anchored by Burlington, Rite Aid, Ross Dress for Less, Marshalls, Famous Footwear, Dollar Tree and Sizzler. The center also features a synergistic mix of daily needs retailers and food tenants that cater to the surrounding trade area.

The center is situated on 32.47 acres at 39815-39885 Alta Murrieta Dr and 40461-40489 Murrieta Hot Springs Rd in Murrieta, an affluent community approximately 40 miles north of San Diego and 50 miles east of Orange County. The center is located at the junction of the Interstate 15 and 215 Freeways, providing visibility to more than 91,000 vehicles per day. There are more than 104,149 residents earning an average annual household income of $83,588 within a three-mile radius of the center.

Bryan Ley, Gleb Lvovich and Justin Kundrak with HFF represented the seller. The buyer was self-represented.

“Murrieta Town Center generated strong offer activity from institutional and regional capital sources due to the value creation story of the lease-up of the available space and future improvements that could be done at the center,” Ley said. “The strong sales performance of the anchors and in-place tenancy further demonstrated the power of the asset and the continued growth in the sub-market. The Inland Empire has been a great job growth story for shopping center sales here, as the region continues to grow jobs and outperforming Orange and Los Angeles Counties quarter over quarter.”





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