HFF Arranges Sale of 150KSF Inland Empire Shopping Center
The buyer of Perris Plaza, a joint venture, plans to expand the property to almost 300,000 square feet and bring several new retailers and restaurants. Leasing has already started.
By Roxana Baiceanu
1688 N. Perris Blvd., Inland Empire
HFF has represented Coudures Family in the sale of Perris Plaza, a 150,148-square-foot shopping center in Perris, Calif. The buyer is Nuevo Perris, a joint venture made up of Laguna Beach-based Wood Investments; Joel Farkas, a real estate company based in Colorado and SandTree Holdings, headquartered in El Segundo. The transaction included two additional parcels of land which the buyer plans to use to expand the existing shopping center to almost 300,000 square feet.
Perris Plaza, located at 1688 N. Perris Blvd., is anchored by Food 4 Less and is 98 percent occupied by several national and regional retailers including Regency Theatres, Burger King, IHOP, Del Taco and Starbucks. Leasing of the upcoming space has already begun, so a number of new retailers and restaurants are expected to join the existing businesses.
The 38-acre site is adjacent to Interstate 215 and is part of a very busy area. Daily traffic counts approximately 160,000 vehicles.
Managing Directors Gleb Lvovich and Bryan Ley of HFF arranged the deal on behalf of the seller. At the beginning of November, the same team represented another retail sale in Murrieta, Calif.
Image via Google Street View
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