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10/02/24
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A two-tenant, 5.1k sf retail property in Murrieta traded hands in a $5 mil transaction. The property, located at 27970 Clinton Keith Rd, was recently built in spring 2024 and is fully occupied by Verizon Wireless and Chipotle Mexican Grill (with drive-thru). Both tenants have 10-year, corporate-guaranteed triple-net leases in place.
The asset is within The Vineyard Shopping Center, a 26.3-acre center anchored by Costco Wholesale. More than 208,000 residents and 48,000 employees are within a five-mile radius of the center which is also within walking distance to several single-family and multi-family communities.
We’re told this transaction has broken two sales records for new construction multi-tenant retail properties in Southern California over the last 12 months, with a record low cap rate of 4.93% and the highest price per square foot of $975.
SRS Capital Markets Vice President Winston Guest and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a California-based private developer. The buyer was a California-based private investor seeking a high quality property as a long-term hold.
“This asset garnered a strong amount of buyer interest as it offered a centralized location, new construction, stellar brand name tenants and minimal landlord responsibilities,” said Guest. “The City of Murrieta and greater Temecula market continue to see job and population growth which only adds to the future success of the property.”
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