Moreno Valley, Calif. — TownGate Center, sold to Brixton Capital, is located in Inland Empire.
Moreno Valley, Calif. — CBRE and NRIG-West have sold the TownGate Center, a 28.5-acre development in Southern California’s Inland Empire, to San Diego-based Brixton Capital. The property, which is anchored by T.J.Maxx/HomeGoods and Ross Dress for Less, as well as Regency Theatres, Planet Fitness and Chipotle, fetched $41.9 million, giving it a 6.9 percent cap rate. Moreno Valley, directly east of Riverside, Calif., has an average household income of between $50,000 and $75,000. “The quality of the buyer pool, the level of activity and the competitive bidding we experienced on the TownGate Center transaction indicates renewed institutional investor interest in retail investments in the Inland Empire,” says CBRE Senior Vice President Philip Voorhees.
— Scott Reid