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10/15/25
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A 30k sf property occupied by Fitness 19 along with three in-line shops in Temecula sold for $9.8 mil ($327/sf). The asset is within Butterfield Station, an 8.85-acre, 70.5k sf retail center anchored by Smart & Final situated along Temecula Pkwy and State Hwy 79 in Temecula. This latest transaction completes a four-parcel break-up strategy of the property totaling $26.46 mil.
The Fitness 19 property is situated on 4.1 acres at 32909 Temecula Pkwy, on the west side of Butterfield Stage Rd.
The four assets were sold to separate private investors and had an average cap rate of 6.11%. The three other parcels in the break-up occurred in late 2024 and include:
• Smart & Final - a 30k sf property situated on 3.15 acres which sold for $11.5 mil
• Multi-tenant strip center including Subway - a 5.4k sf property situated on .85 acres which sold for $2.275 mil
• Wells Fargo - a 5k sf property situated on .75 acres which sold for $2.45 mil
Joe Chichester and John Redfield with SRS Capital Markets represented the private seller in the transaction. The team utilized a break-up strategy in order to maximize overall value. The SRS team also advised the seller on their $19.7 mil acquisition of the property in early 2022 and created a strategic business plan at the time focused on re-tenanting and enhancing the long-term stability of the center.
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