CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million
- Mar 16, 2014
The Inland Empire recently saw a large retail transaction completed when a Moreno Valley Property was acquired for a fee of approximately $42 million. TownGate Center was sold on behalf of the owning entity, a partnership between Walton Street and Fritz Duda Company, by a team headed by CBRE Senior Vice President Philip D. Voorhees. The SVP worked along with the National Retail Investment Group—West consisting of Megan Read, Jimmy Slusher, John Read and Brad Rable to represent the seller, as well as buyer Brixton Capital, a San Diego-based company in the all-cash deal.
The TownGate Center sits on a 28.5-acre site located in the immediate proximity of the Moreno Valley Mall. The retail property offers a total of 285,775 square feet of space. The current tenant roster is the result of an escalating leasing process at the facility, according to Phillip D. Voorhess, who said, “The substantial leasing activity at TownGate Center in the past three years, more than 100,000 square feet of new leases with tenants like TJ Maxx/Home Goods, BevMo!, ULTA and Planet Fitness, demonstrates the property’s appeal to expanding tenants.”
The current tenant roster includes other high-performing retailers such as Ross Dress for Less, Regency Theatres, Dollar Tree, and popular dining spot Chipotle. Two other CBRE employees, leasing professionals Walter Pagel and Barclay Harty acted as leasing agents at the property at the time of the sale, according to a press release announcing the acquisition.
Arranging the sale of the TownGate Center is an important milestone for the NRIG-West team, this being its 500th successful retail investment sale transaction. A total of 83 operations were completed by the team since the beginning of 2012, for a combined value of $1.7 billion. This transaction came about after heightened marketing activity, with the CBRE team’s marketing efforts distributing more than 460 memoranda to investors and brokers. Voorhees also told MHN, “Investor interest often follows tenant interest, and we expect increasing retail investment sale volumes in the Inland Empire over the next four to five years.”