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5/17/23
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Meadows Village Center, a 67.3k sf neighborhood grocery-anchored center in Temecula, was acquired by Newport Beach-based RA Centers for $27.7 mil. Tenants at the center, Barons Market and CVS Pharmacy, were not a part of the sale.
Meadows Village Center sits on 7.98 acres at 31963 Rancho California Rd. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.
Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Rd, connecting Meadows Village and I-15 to the west.
Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners - West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga.
“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.
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