Temecula, Calif. – The property was approximately 93 percent occupied at the time of sale.
Temecula, Calif. – CBRE and NRIG-West have brokered the sale of Rancho Temecula Town Center, a 165,486-square-foot community center in Temecula, anchored by a Sprouts Farmers Market, along with LA Fitness, Rite Aid, BevMo! and a mix of pad and shop tenants that includes Starbucks, Bruegger’s Bagels, Juice it Up!, and Bright Now! Dental. The sale price was $60 million, representing a 5.6 percent cap rate. The property was approximately 93 percent occupied at the time of sale. The seller was a partnership between an affiliate of Walton Street Capital LLC and Alberta Development Partners. The buyer, also represented by CBRE and the NRIG-West team, was LaSalle Investment Management Inc. Bruce Francis in CBRE’s Phoenix office and Shaun Moothart in CBRE’s Newport Beach office arranged the 12-year, interest-only, fixed-rate loan of $28 million.
— Scott Reid