CBRE arranged the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center in Temecula. Newport Beach based investor RA Centers paid $27.7 million for the property. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE’s National Retail Partners – West (NRP – West) represented the seller – funds managed by affiliates of Fortress Investment Group LLC – while completing a 1031 exchange from a previously sold property in Rancho Cucamonga.
Meadows Village Center is located at 31963 Rancho California Rd., boasting 96% occupancy with 19 retailers including Barons Market, CVS Pharmacy (not part of the sale), Starbucks, Wells Fargo Bank , Palomar Health Medical Clinic , Subway Sandwich Shop , Crumbl Cookies Bakery & Cafe’, UPS Store and Pacific Dental Care . Recent renovations to signage and landscaping have improved tenant performance at this suburban neighborhood location according to Slusher who noted that “the traditional grocery and pharmacy offering proved to be attractive.” The $27.7 million transaction marks an impressive return for all parties involved as well as further evidence that strong demand persists within retail real estate markets across Southern California despite current market conditions
