U.S. Realty Snags $57M CA Shopping Center
- Nov 07, 2017
Jade Enterprises sold Murrieta Town Center, a value-add community shopping center in Murrieta, Calif., to an affiliate of U.S. Realty Partners Inc. for $56.6 million.
Situated on 32.5 acres at 39815-39885 Alta Murrieta Drive and 40461-40489 Murrieta Hot Springs Road, the 334,939-square-foot shopping center is 81 percent leased and anchored by Burlington, Ross Dress for Less, Famous Footwear, Sizzler, Rite Aid, Marshalls and Dollar Tree. The property is located at the junction of Interstate 15 and 215 Freeway, providing access to San Diego 40 miles north and Orange County 50 miles east.
The HFF retail investment advisory team of Bryan Ley, Gleb Lvovich and Justin Kundrak represented the seller in the transaction. The buyer was self-represented. Lvovich was also part of the brokerage team that represented a recent suburban LA retail sale.
“Murrieta Town Center generated strong offer activity from institutional and regional capital sources due to the value creation story of the lease-up of the available space and future improvements that could be done at the center,” said Ley in prepared remarks. “The strong sales performance of the anchors and in-place tenancy further demonstrated the power of the asset and the continued growth in the submarket. The Inland Empire has been a great job growth story for shopping center sales here, as the region continues to grow jobs and outperforming Orange and Los Angeles Counties quarter over quarter.”
Image courtesy of Bob Fawcett Peak 15 Photography