Irvine, Calif. – The Lakeside Terrace and Canyon Springs shopping centers sold for the lowest cap rates ever reported for stabilized retail centers over 25,000 square feet in the area.
Irvine, Calif. – Cassidy Turley has arranged the sale of two shopping centers in Moreno Valley for a combined total of $34.8 million. Dixie Walker, managing director of Cassidy Turley, as well as vice president Charley Simpson and associate Tom Blake represented ownership in each investment sale.
Lakeside Terrace Shopping Center, a 55,157-square-foot center, was purchased through a 1031 exchange by Spathco from IRA Capital LLC. The price was $18 million, or $315 per square foot, with a cap-rate of 6.1 percent. Built in 2005, Lakeside Terrace is 94 percent leased with anchor tenants that include CVS, Dollar Tree, McDonald’s and Chase Bank.
Sandstone Properties Inc. sold the Canyon Springs Shopping Center to Springtree Global LLC for $16.8 million, or $223 per square foot. Built in 2004, Canyon Springs is 100 percent leased to Smart & Final Extra!, Pier 1 Imports, Michaels, Famous Footwear and Uniform Zone. The center is part of Canyon Springs Marketplace, a 700,000-square-foot community retail center that includes Target, Super Wal-Mart, Best Buy, Marshalls and PetSmart, among others.
This is the first U.S. commercial acquisition for Springtree Global, a private individual investor that owns commercial real estate throughout China. Springtree was represented by Mike Li of Mike Li Realty.
Both centers required financing to close. Morgan Stanley provided a CMBS loan for the acquisition of Lakeside Terrace. Austin Clay of East/West Bank provided long-term financing for Canyon Springs.
— Scott Reid