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11/09/18
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Pacific Castle has purchased Lake Elsinore Marketplace, a 144k sf regional shopping center in Lake Elsinore, for $44.26 mil ($307/sf). Built in 2005, the western Riverside County property is anchored by Grocery Outlet, Dollar Tree and PetSmart, and is shadow-anchored by Costco and Lowe’s.
Lake Elsinore Marketplace is located at the northeast quadrant of the signalized intersection of Central Avenue and Interstate 15 in Lake Elsinore. The 95%-occupied shopping center features a strong tenant mix of internet resistant, national and regional credit tenants. This includes Grocery Outlet, Dollar Tree, Kirkland’s, PetSmart, AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank and Wendy’s. Other major tenants in the immediate area include Target, Walmart Supercenter (relocation store coming in 2020), Home Depot, LA Fitness, Marshalls, 99 Cents Only, ALDI, Five Below, Skechers, Ulta Beauty and Walgreens.
Hanley Investment Group’s Ed Hanley, Bill Asher and Kevin Fryman represented the seller, Diamond Development of San Diego, California.
“Lake Elsinore Marketplace is the dominant shopping center in the trade area, ideally situated on Highway 74/Central Avenue (32,000 cars per day), the main retail thoroughfare connecting Orange County to Riverside County, and is immediately adjacent to I-15 (125,000 cars per day) at the Central Avenue exit with freeway-visible pylon signage,” said Fryman.
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