Lakeshore Village Marketplace, an 80,000-square-foot shopping center, along with a 2.3-acre site in Moreno Valley, recently sold for $8.3 million. The buyer was a private party from Southern California.

The asset presents a value-add component to reposition and re-lease the 35,750-square-foot anchor space with strong junior anchors. Situated on a prime signalized corner, Lakeshore Village Marketplace features visibility to two major crossroads with a daily average of 31,000 cars.

Newmark’s Mario J. Alvarez Jr. and Pablo Rodriguez represented the seller, Lakeshore Plaza Holdings LLC.

“We leveraged our extensive private client relationships to generate multiple offers that exceeded our client’s expectations, which was an overall collaborative team effort,” said Alvarez.

Lakeshore Village Marketplace is located at 23575 Sunnymead Pkwy. within the Sunnymead Ranch Community and serves as the daily needs shopping center for approximately 192,986 residents within a five-mile radius. The acreage also included in the transaction is located at 23757 Sunnymead Pkwy., which the buyer intends on developing in the future.

Lakeshore Village Marketplace has maintained a steady 87 percent occupancy of shop space. The overall occupancy for Lakeshore Village Marketplace is 48 percent, which is primarily due to the vacant former grocery anchor space, of which 12,000 square feet was leased in early July to Dollar Tree. The remaining vacancy will be repositioned by the buyer.