RETAIL: Winning $60 million bid for Temecula Town Center concludes sale
RETAIL: Winning million bid for Temecula Town Center concludes sale
RETAIL: Winning $ 60 million bid for Temecula Town Center concludes sale
Hemet Plaza, a 58,035 square-foot shopping center on 4.5 acres at 1911-2095 Florida Avenue, Hemet, has been purchased by a private Santa Ana investor for $ 5.5 million, according to a Nov. 19, 2015 press release from real estate broker Hanley Investment Group Real Estate Advisors.
COURTESY OF HANLEY INVESTMENT GROUP
The Black Friday ads for blockbuster deals have blanketed the region for days now, and many consumers already have their stops mapped out.
Investors have been covering the region, as well.
Moreno Marketplace in Moreno Valley changed hands. And Temecula Town Center, the first regional shopping center to be built in a Riverside County master-planned community, closed escrow on Nov. 16, 2015.
Colliers International vice presidents Michelle Schierberl and Donald Ellis on Friday said the transaction by the seller, BACM 2006-5 Rancho California Limited Partnership, was valued at $ 60 million.
The buyer of a sizable portion of the popular center at 27540 Ynez Road was the joint-venture partnership of Newport Beach-based Citivest Commercial Investments and Ares Management. Ares is a publicly traded company with $ 88 billion in assets under management.
The auction-inspired sale of 241,980 square feet of Temecula Town Center, one of Temecula’s oldest, most visible retail properties, began with a call for bids in August. It ended with an online “best and final” round auction.
Tenants in the property that Citivest and Ares acquired include CVS, HomeGoods, 24 Hour Fitness, Chase Bank and Active. Two other major tenants, Target and Vons supermarket, own their properties and were not part of the sale.
Schierberl said the buyer acquired a stable, seasoned center with a proven mix of national credit tenants and long-term retailers. It is 85 percent occupied, and has value-added opportunities, she added.
A Santa Ana investor just got the keys to Hemet Plaza, a 58,035-square-foot shopping center anchored by Big Lots and True Value hardware store for $ 5.5 million, according to a Nov. 19 press release by Hanley Investment Group Real Estate Advisors.
Hemet Plaza, a six-building center on 4.5 acres at 1911-2095 Florida Ave., has Farmers Insurance, Jackson Hewitt Tax Services, Rent-a-Center, Metro PCS and U.S. Postal Service as tenants. Big Lots was not part of the sale.
Pat Kent, president of Corona Del Mar-based Hanley Investment, said Hemet Plaza was sold at below replacement cost to offer the buyer an opportunity to improve its all-cash yield. Built in 1985, the center is 71 percent occupied.
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