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9/30/22
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Three retail properties that are outparcels to French Valley Marketplace in French Valley, CA traded hands in a recent $17.3 mil deal. The three properties total 32.7k sf of space and include a Grocery Outlet, a Rite Aid, and a two-tenant asset that occupied by Chipotle and Quick Quack Car Wash.
The properties are located at 35958 Winchester Rd in southwestern Riverside County, near the cities of Murrieta and Temecula.
French Valley Marketplace totals 78k sf and in addition to the tenants mentioned above, includes Eos Fitness, McDonald’s, Chipotle, and 7-Eleven among others. There are more than 151,000 residents and 22,000 employees within a five-mile radius of the property.
The three properties include:
• A 16k sf Grocery Outlet-occupied property. The recently developed property opened its doors in late 2021. The store is the anchor to French Valley Marketplace and has a new 15-year lease in place.
• An 11.1k sf new construction property to be occupied by Rite Aid which is anticipated to open late 2022.
• A 5.6k sf property that includes Chipotle and Quick Quack Car Wash which is under construction and is anticipated to open in spring 2023.
Matthew Mousavi, Patrick Luther and Jack Cornell with SRS Real Estate Partners’ National Net Lease Group represented the seller, a Southern California-based private developer, and sourced the buyer, a Southern California-based private investor who paid all-cash.
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