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1031 Exchange Advances Break-Up Strategy at Winchester Retail Center
SRS Real Estate Partners closed the $5.95-million sale of a new construction, three-tenant, 7,226-square-foot retail building within French Valley Marketplace, located at 35974 Winchester Rd. in southwest Riverside County’s Winchester. The property includes Panera Bread and Toro Sushi, both on long-term absolute triple-net leases, and one available unit.
Senior managing principals Matthew Mousavi and Patrick Luther and VP Jack Cornell represented the seller, a Southern California-based private developer. The buyer was a La Jolla-based private investor who was in a 1031 exchange. The cap rate was 5.92% and a new loan was placed on the property.
“This is the most recent sale in the break-up strategy of French Valley Marketplace with one more pad remaining,” said Mousavi. “All told, SRS has executed 11 sales with a total value in excess of $55 million on behalf of the seller/developer within this center.”
Other sales at the center have included a Grocery Outlet, EoS Fitness, Chipotle, 7-Eleven, McDonald’s and Auto Zone.
- ◦Sale/Acquisition
