HFF announces $56.6M sale of Southern California community shopping center
LOS ANGELES, CA – November 2, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $56.6 million sale of Murrieta Town Center, a 334,939-square-foot, value-add community shopping center in the Southern California community of Murrieta.
The HFF team marketed the property on behalf of the private seller, Jade Enterprises. The buyer was an affiliate of U.S. Realty Partners, Inc. and was self-represented.
Murrieta Town Center is 81 percent leased and anchored by Burlington, Rite Aid, Ross Dress for Less, Marshalls, Famous Footwear, Dollar Tree and Sizzler. The center also features a synergistic mix of daily needs retailers and food tenants that cater to the surrounding trade area. The center is situated on 32.47 acres at 39815-39885 Alta Murrieta Drive and 40461-40489 Murrieta Hot Springs Road in Murrieta, an affluent community approximately 40 miles north of San Diego and 50 miles east of Orange County. The center is located at the junction of the Interstate 15 and 215 Freeways, providing visibility to more than 91,000 vehicles per day. There are more than 104,149 residents earning an average annual household income of $83,588 within a three-mile radius of the center.
The HFF retail investment advisory team representing the seller included Bryan Ley, Gleb Lvovich and Justin Kundrak.
“Murrieta Town Center generated strong offer activity from institutional and regional capital sources due to the value creation story of the lease-up of the available space and future improvements that could be done at the center,” Ley said. “The strong sales performance of the anchors and in-place tenancy further demonstrated the power of the asset and the continued growth in the sub-market. The Inland Empire has been a great job growth story for shopping center sales here, as the region continues to grow jobs and outperforming Orange and Los Angeles Counties quarter over quarter.”
“Investors continue to seek cash flow growth and are attracted to opportunities with a credible value-add story,” Lvovich added.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Jade Enterprises
Jade Enterprises is one of the leading private commercial real estate investment and development companies in Southern California.
About U.S. Realty Partners
U.S. Realty Partners is a regional commercial real estate operating company and consulting firm focused on high quality retail properties located in the western U.S. With over two million square feet under ownership, the firm has over 30-years of experience in the acquisition, operation, development, leasing and management of retail, multi-family, office and mixed-use properties.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.