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1/20/23
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Center Pointe, a 41.5k sf, newly developed grocery-anchored retail center in Menifee, traded hands for $24.6 mil ($593/sf). The recently constructed center is 96%-leased to Sprouts, Wendy’s and Olive Garden, as well as local food and service retailers, such as Tacos & Tequila, Paris Nails and more.
The property is located at 27281 Newport Rd, just off of I-215. It is situated in the center of the Menifee Town Center district, which has seen extremely strong growth in the past decade.
Gleb Lvovich, Daniel Tyner and Geoff Tranchina with JLL Retail Capital Markets represented the seller, Tourmaline Capital. A private, 1031 exchange buyer acquired the asset.
“Grocery-anchored retail continues to perform at a high-level and this transaction represents the aggressive 1031 exchange private capital we continue to see throughout the West Coast,” said Tyner.
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