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.