Passco Acquires Temescal Village for $16.95 Million in Tight Market

Temescal Village will be renovated to take advantage of the Inland Empire's low vacancy rate. Temescal Village will be renovated to take advantage of the Inland Empire's low vacancy rate.

Corona, Calif. — Irvine, California-based Passco Companies has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, California, for $16.95 million.

The Corona market has a retail vacancy rate of 4.4 percent, limiting opportunities for expansion in the area, and making retail space in demand, according to Todd Siegel, vice president of retail acquisitions at Passco.

The center is current 93.5 percent leased to 19 tenants, including CVS/pharmacy, Citibank, Carl’s Jr., Wells Fargo, The UPS Store and Metro PCS.

“This is one of the lowest vacancy rates we’ve seen throughout the region,” says Siegel. “There continues to be a major push within the retail industry for centers that cultivate the ultimate experience for shoppers. Shoppers today are demanding environments where they can gather and socialize with friends and family. We plan to integrate these social components into the center by incorporating more outdoor seating and gathering spaces for shoppers.”

Along those lines, Passco plans to modernize the property through strategic renovations and capital improvements. Additions include redesigned landscaping and updating the facade of the center.

“in doing so, we will be able to increase foot traffic to the center, as well as attract and retain high quality tenants,” says Siegel.

Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a private investor, in the sales transaction. Architecture Design Collaborative will design renovations for the center for Passco. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae.

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