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Sprouts-Anchored Retail Center in Menifee Trades for $25M. JLL Arranges Deal

Sprouts-Anchored Retail Center in Menifee Trades for $25M

JLL Capital Markets has closed the sale of Center Pointe, a 41,000-square-foot, newly developed retail center in Menifee, CA. A private 1031 exchange buyer acquired the asset from Tourmaline Capital for $24.6M.

Located at 27281 Newport Rd., Center Pointe is 96%-leased to anchor tenant Sprouts Farmers Market along with Wendy’s, Olive Garden, Tacos & Tequila, Paris Nails and more. It is situated directly off Interstate 215 in the growing Menifee Town Center district.

“The sale of Center Pointe represents a theme our team has seen play out over the past few months: well-located grocery-anchored shopping centers are commanding a premium in the market due to their cash flow stability and relative yield,” said JLL’s Gleb Lvovich, who represented the seller along with the firm’s Daniel Tyner and Geoff Tranchina. 

“This transaction represents the aggressive 1031 exchange private capital we continue to see throughout the West Coast,” added Tyner.

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Inside The Story

JLL Capital Markets' Gleb LvovichDaniel TynerTourmaline Capital

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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