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Southern California Retail Center for Sale

Monday, March 06, 2017

Southern California Retail Center for SaleHolliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Murrieta Town Center, a 334,939-square-foot, value-add community retail center located in Murrieta, a highly affluent Southern California community. The asset offers investors the chance to acquire a well-located retail center with premier national credit tenancy and significant value enhancement opportunity through the lease up of available space and future redevelopment potential.

Currently 81 percent leased, more than 64 percent of the property’s GLA is leased to national credit tenants, including Burlington Coat Factory, Rite Aid, Ross Dress for Less, Marshalls, Famous Footwear, Dollar Tree, Del Taco and Sizzler, and 70 percent of the GLA is occupied by national tenants. Additional tenants comprise a synergistic mix of quick-service restaurants and necessity retail. The retail property for sale has stable in-place cash flow that provides attractive leveraged double-digit current yields with several value creation opportunities to enhance returns going forward.

An investor has a potential redevelopment opportunity in this property, which is a 32.5 acre site located at 39815-39885 Alta Murrieta Drive and 40461-40489 Murrieta Hot Springs Road in the heart of Murrieta’s commercial corridor. Murrieta is located in Southern California between San Diego and Orange County. The community boasts an average household income in excess of $103,000, which is almost double the national average.

The retail property for sale is strategically located at the intersection of Interstate 215 (more than 91,000 cars per day) and Murrieta Hot Springs Road (more than 74,800 cars per day), one of the busiest thoroughfares in the trade area. Murrieta Town Center is directly across the street from the Rancho Springs Medical Center, Walgreens and a DICK’S Sporting Goods- and Sam’s Club-anchored shopping center. The commercial property for sale features exceptional freeway accessibility, an attractive basis and the development-friendly municipality that make this asset an excellent covered land play with current cash flow and upside through future redevelopment potential.

Southern California Retail Center for Sale Investment Highlights

  • Retail Center for SaleRecent Leasing Momentum: Four new leases totaling more than 32,000 square feet were executed in the last 12 months. The center has recently added Marshalls, Famous Footwear and Miracle Ear, confirming the center as a dominant location for national names.
  • Immediate Value-Creation Opportunity: The center provides the opportunity to create immediate value through the lease up of available space, the ability to add future pad sites and additional GLA and increasing existing tenants to market rents.
  • Prominent Freeway Visibility: Murrieta Town Center has more than 2,000 square feet of frontage and two large pylon signs on Interstate 215 in addition to direct freeway on and off ramp access. The center is visible to more than 91,000 vehicles per day
  • Exceptional Population Growth and Residential Development: Murrieta has seen its population more than double since 2000. Population growth over the next four years is expected to be more than eight percent. Additionally, the area is experiencing explosive residential development, with more than 3,600 residential units planned, under construction or in lease-up/sell-out in the city of Murrieta.

For more information on Murrieta Town Center or other retail centers for sale, please contact HFF Managing Directors Bryan Ley and Gleb Lvovich or Associate Justin Kundrak in HFF’s Los Angeles and Orange County offices.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

 





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