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11/10/20
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A Redlands, CA-based private investor purchased The Shops at Gateway to Temecula, an 8.3k sf, multi-tenant retail asset, in a recent $7.15 mil ($861/sf) transaction. The property consists of a 24-hour drive-thru Starbucks and a mix of other internet-resistant tenants on 2.05 acres, near the I-15 Fwy on/off-ramp in Temecula.
Located at 30010 Temecula Parkway and built in 2018, The Shops at Gateway to Temecula features a freestanding Starbucks drive-thru and a 6.3k sf, three-tenant retail pad building with Verizon, The Pizza Press and Sakura Sushi. It is shadow-anchored by a newly built LA Fitness. The property is situated at a hard corner, signalized intersection, one block from the I-15 on/off-ramp (with 174,000 vehicles per day) and has direct frontage on Temecula Pkwy (72,000 vehicles per day).
Austin Blodget, Eric Wohl and CJ Kiehler with Hanley Investment Group Real Estate Advisors represented the seller, Pacific Real Estate of Corona. The buyer was repped by Brian Melkesian of Lee & Associates. The deal closed at a 5.50% cap rate.
"Despite the economic impact of the lockdown, it was the location that got the buyer comfortable,” said Blodgett. “The Temecula Valley is booming, and this property is located at a premier corner within the market. This is a great comp for any smaller multi-tenant deal in Southern California and I think it proves that retail will remain strong as we push through COVID-19.”
There are over 115,000 people within a five-mile radius, which is an increase of over 100% since 2000, making it one of the fastest-growing submarkets in California. The area is also extremely affluent with an average household income within a one-mile radius of the property over $122k. The Temecula Valley attracted over $1.1 bil in visitor spending in 2018, fueled by the wineries and Pechanga Resort Casino, the largest resort and casino on the West Coast is just five minutes from the subject property.
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