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California  + Inland Empire  + Retail  | 

Brixton Sells Moreno Valley’s Towngate Center for $50M

Solana Beach, CA-based Brixton Capital divested Towngate Center, a roughly 290,000-square-foot community shopping center in Moreno Valley, CA for nearly $51 million. A 1031 Exchange buyer based out of the Asian-Pacific acquired the property located at 12625 Frederick St.

The 95%-leased asset is home to such high performing national and regional credit tenants as TJ Maxx/Home Goods, BevMo!, Ross Dress for Less, Dollar Tree, ULTA, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank.

Brixton purchased the property in March 2014 at 90% occupancy, and was able to successfully complete its business plan, growing MOI roughly 30% across the five-year hold period along with renewing anchor tenant leases. Towngate marks Brixton’s seventh disposition in the last six months.

CBRE’s National Retail Partners-West (NRP-West) team, lead by Vice Chairman, Phillip D. Voorhees, represented the seller.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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