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Margarita Crossings Shopping Center Sells for Nearly $17.3 Million

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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


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Margarita Crossings Shopping Center Sells for Nearly $17.3 Million

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Doug Hogan

Brokerage Senior Vice-President

Carlsbad

Doug is a retail leasing, tenant, and investment specialist with Colliers International, Carlsbad office.  Most recently Doug and his investment partner, Bill Barnett, completed the successful lease-up and sale of Rancho Temecula Town Center.  The sale was complete in December, 2010 for $48.9 million.

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Bill Barnett

Brokerage Senior Vice-President

Carlsbad

Over the past 30 years Bill has specialized in the development, leasing and investment sales of community and neighborhood shopping centers in Southern California.  He has also been the exclusive representative for numerous regional and national retail tenants.

Bill began his career with Coldwell Banker in 1980.  In 1983 he joined Burnham Real Estate Services, and was with them for 26 years before moving to Colliers International in the summer of 2009.

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