Countryside Marketplace Sells for $121M to Chino Buyer

Anchored shopping centers with strong gross sales continue to garner high investor demand due to the dearth of available inventory and surplus of capital pursuing these types of offerings. This is no more evident than in the acquisition of the Countryside Marketplace in Menifee, CA.

The center recently sold for a total consideration of $121.175 million. The buyer is a privately held investment and management company headquartered in Chino that has developed, owned and operated more than 10 million square feet globally.

The seller was Donahue Schriber Realty Group, headquartered in Costa Mesa. The REIT developed the center in 2007, and has leased and managed the property since completion.

Countryside Marketplace is anchored by Super Target, Lowe’s, Kohl’s, Best Buy, TJMaxx, HomeGoods, Michaels, Burlington, Staples, Petco and Ulta Beauty. The center, totaling 721,739 square feet of gross leasable area, is one of the largest and most dominant open-air shopping centers within the Inland Empire trade area.

The property is 100 percent leased with more than 95 percent regional and national tenants, 70 percent of which are considered investment grade. Located at the southwest quadrant of Interstate 215 and Newport Road, the property boasts 2,800 feet of frontage along Interstate 215.

Lucescu Realty’s Mark Lucescu, president, and Joseph Redmond and Tanner Engelage of the Newport Beach office were the only brokers involved in the sale.

“It’s an institutional-quality center; one of the most dominant and successful centers in Southern California with a blue-chip tenant roster, high-grossing anchors and shops, and ideally located in the middle of a rapidly expanding residential area,” notes Lucescu. “Donahue Schriber did a great job of developing, managing and leasing the center, and the buyer should continue that success.”