Grocery-Anchored Temecula Center Trades for $28M
CBRE arranged the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center in Temecula. Newport Beach based investor RA Centers paid $27.7 million.
Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE’s National Retail Partners – West (NRP – West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC. The buyer completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga.
Meadows Village Center is located at 31963 Rancho California Rd. in Temecula. The property is 96% leased, with a merchandising mix of 19 retailers including Barons Market, CVS Pharmacy (not part of the sale), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store and Pacific Dental.
“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas and more, proved to support increasing tenant performance at the property,” said Slusher.