TEMECULA, CALIF. – CBRE Senior Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of Rancho Temecula Town Center, a 165,486-square-foot community shopping center in the city of Temecula, Calif., anchored by a high-performing Sprouts Farmers Market along with LA Fitness, Rite Aid, BevMo! and a complementary mix of pad and shop tenants including Starbucks, Navy Federal Credit Union, Bruegger’s Bagels, Juice it Up!, Wings-N-Things, and Bright Now! Dental. The sale price was $60 million, representing a 5.6% cap rate. The property was approximately 93% occupied at the time of sale.
CBRE’s retail investment experts Voorhees, Reg Kobzi, Megan Read, Brad Rable, Matt Burson, John Read and Jimmy Slusher, represented the seller, a partnership between an affiliate of Walton Street Capital, LLC, a Chicago-based private equity firm, and Colorado-based, Alberta Development Partners. The buyer was Jones Lang LaSalle Income Property Trust, Inc., a non-listed, an institutionally-managed, daily valued perpetual-life REIT. LaSalle Investment Management, Inc. served as an advisor in the transaction. CBRE leasing professional Barclay Harty was the leasing agent on Rancho Temecula Town Center at the time of the sale.
“The strong competition to acquire Rancho Temecula Town Center indicates the continued institutional preference to own the highest-performing, highest quality grocery-anchored shopping centers throughout Southern California,” said Voorhees.
In addition to handling the investment sale, Bruce Francis in CBRE’s Phoenix office and Shaun Moothart in CBRE’s Newport Beach office, both with CBRE’s Debt & Structured Finance team, arranged the 12-year, interest-only, fixed-rate loan of $28 million.
“Rancho Temecula Town Center is an excellent project with an impressive Sprouts Market and a top-tier tenant roster. Lucas Kimmell, Erick Paulson and the entire LaSalle Investment Management team were terrific to work with,” said CBRE’s Francis.
Built in 2007, Rancho Temecula Town Center is a wholly-owned, 20-acre site along the “going home side” of Winchester Road, which is one of the trade area’s primary arterials.
According to Voorhees, the CBRE team’s marketing system distributed more than 691 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated 11 offers to purchase the property. The purchase price mirrored CBRE’s pricing guidance to the ownership.
With this closing, CBRE's NRIG-West team has closed 87 transactions since the start of 2012 for a total consideration of $1.9 billion. In total, the NRIG-West team has listed and sold more than $7.8 billion in retail transactions. Select NRIG-West Team California listings include South Hills Plaza in West Covina, Calif., listed for sale for $20,995,000; Commonwealth Square in Folsom, Calif., listed for sale for $20,095,000; and Garden Grove Festival Square in Garden Grove, Calif., offered for sale for $12,087,000. More information available at www.cbre.com/nrigwest.
NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team's ability to collaborate across CBRE's multi-discipline platform enhances the team's role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today's investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Company Name: CBRE
Contact Person: Philip D. Voorhees
Email:Send Email
Phone: 949.725.8521
Country: United States
Website: www.nrigwest.com
Source: www.abnewswire.com
