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8/05/21
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Lakeshore Village Marketplace, an 80k sf shopping center in Moreno Valley sold for $8.3 mil. The acquisition included an additional 2.3-acre site.
Lakeshore Village Marketplace is located at 23575 Sunnymead Pkwy within the Sunnymead Ranch Community and serves as the daily needs shopping center for approximately 193,000 residents within a five-mile radius. Situated on a prime signalized corner, Lakeshore Village Marketplace features prominent signage and visibility to two major crossroads with an average of 31,000 cars passing by per day. The additional site, located at 23757 Sunnymead Pkwy, will be developed in the future by the new owner.
Lakeshore Village Marketplace has maintained a steady 87% occupancy of its 29.7k sf of shop space, which includes local eateries such as Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in Box. The overall occupancy for Lakeshore Village Marketplace is 48% which is primarily due to the vacant former grocer anchor space, of which 12k sf was recently leased to a Dollar Tree that opened in early July. However, the remaining 33.8k sf of vacant space is considered a value-add opportunity and will be repositioned by the buyer.
Mario J Alvarez Jr. and Pablo Rodriguez with Newmark represented the seller, Lakeshore Plaza Holdings LLC. The buyer was a private party from Southern California. Alvarez, who is also the leasing agent for the property, brokered the lease agreement with Dollar Tree.
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