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2/12/20
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In Temecula, Poincare Group LLC purchased Bel Villaggio I-II and Bel Villaggio III, adjacent retail centers leased to a complementary mix of internet resistant tenants. The assets, which traded for $26.1 mil, total 117.8k sf ($222/sf) and contain a mix of restaurants, retail and “daily needs” goods/services.
The properties were sold by Pathfinder Partners, who has owned, managed, leased and renovated the properties since acquiring them in 2013. Situated on about 16.35 acres, Bel Villaggio I-II & III is located at 41501 and 41221-41493 Margarita Rd in Temecula, adjacent to Costco and Promenade Temecula.
Kirk Brummer, Sean Heitzler and team leader Philip D. Voorhees with CBRE’s National Retail Partners-West represented Pathfinder Partners in the transaction. CBRE’s marketing efforts generated multiple competitive offers to purchase Bel Villaggio I-II & III.
“The property’s ideal location at the entrance to the 1.4 msf Promenade Temecula, as well as recent leasing momentum and upward-trending rents in this affluent trade area attracted significant investor demand. The potential to generate healthy yields for such a strong location made this acquisition a perfect fit for the buyer,” said Brummer.
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