Investor Acquires Fully Leased Retail Asset in Temecula
A private investor purchased the Margarita Crossings shopping center at 29025 - 29121 Overland Drive in Temecula, California, for $17.25 million, or about $466 per square foot, from Pacific Development Partners.
The neighborhood center totals 36,990 square feet and was 100% occupied at the time of sale, an all-cash transaction that represented a 1031 tax-deferred exchange for both parties.
“Retail has had a strong recovery since the government lockdowns have been lifted and this transaction is representative of investor confidence in the asset type," said Erik Egelko, senior vice president with SVN | Vanguard in San Diego.
Egelko represented the buyer in the sale. Doug Hogan and Bill Barnett with Colliers represented the seller.
By Joe Scheitlin