Brixton Capital Sells 290,000-Square-Foot Towngate Center in Moreno Valley for $50.9 Million

Moreno Valley, Calif. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley, California. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by tenants including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, Ulta Beauty, Regency Theaters, Planet Fitness, Chipotle Mexican Grill and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.