Brixton Capital has sold a 290,000-square-foot retail shopping center in the Inland Empire to an Asia-based 1031 Exchange buyer for $50 million.
Located at 12625 Frederick St., in Moreno Valley, Calif., Towngate Center is currently 95 percent leased to national and regional tenants including TJ Maxx/Home Goods, BevMo!, Ross Dress for Less, Dollar Tree, ULTA, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank.
Brixton was represented by a CBRE team led by Vice Chairman Phillip Voorhees.
“Towngate was an excellent example of the effectiveness of Brixton’s fully integrated operations platform and our ability to successfully identify and execute on value-add components in stabilized assets,” said Travis King, CEO of Brixton Capital, in prepared remarks.
The deal is the seventh disposition the Solana Beach-based firm has made over the last six months. In March of last year, Brixton acquired a 103,568-square-foot shopping center in Phoenix.
Commercial real estate in the Inland Empire region has been on a hot streak as huge demand for industrial and logistics facilities has led to a wave of new development and blockbuster sale prices in the sector.