Press Release

CBRE Announces Sale of Recently Constructed Strip Center in Menifee, CA for $9.4 Million to Private Investor

12월 17, 2018

As multifamily cap rates compress further, flight to quality retail properties increases

Los Angeles – CBRE announced the sale of a retail strip center in Menifee, Riverside County for $9.4 million to a private investor.

Melissa Ley and Ian Schroeder of CBRE represented the buyer, a local investor who was in a 1031 exchange. Matt Burnett of CBRE represented the seller, a private investor.

Located at 30029-30067 Haun Road, The Shops at Town Center Marketplace was completed in 2016 and features a strong tenant mix of national and other well-known brands such as Sprint, Habit Burger, Nekter, Jimmy John’s, Yogurtland and West Coast Dental. The center totals 12,649 square feet and benefits from its array of internet-resistant, service, medical, and restaurants tenants.

“For the past 30 years, this buyer has been involved in multifamily investments,” said Schroeder. ”But compared with the current multifamily market, retail provides higher returns and is a more hands-off investment, which ultimately lead the buyer to take advantage of this opportunity. This is a unique asset given the lack of quality retail strip centers in Southern California available on the market.”

Added Ley, “As multifamily cap rates compress even further, we are seeing a flight to quality retail properties, especially into single tenant, triple net assets with zero landlord responsibilities. Although this property is multi-tenant, the quality of the real estate, superior location and tenant mix really drove buyer interest.”

Menifee continues to grow, including a 558,000-square foot mixed-use development on 172 acres under construction that is located adjacent to this site. The project will feature 850 residential units, a movie theatre, a community park and a site for a new City Hall. Riverside County has benefited from population growth, with new developments popping up in several different submarkets.

The Inland Empire's abundant vacant land has given way to sprawling residential developments; a thriving warehousing and ecommerce scene has propelled employment gains higher than ever, and an influx of new, youthful residents has been driving trendy retail. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.