{"id":1004092712,"date":"2014-03-16T08:52:03","date_gmt":"2014-03-16T16:52:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=246962"},"modified":"2022-12-08T04:19:06","modified_gmt":"2022-12-08T12:19:06","slug":"cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\/","title":{"rendered":"CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million"},"content":{"rendered":"<p class=\"MsoNormal\"><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p class=\"MsoNormal\">The Inland Empire recently saw a large retail transaction completed when a Moreno Valley Property was acquired for a fee of approximately $42 million. TownGate Center was sold on behalf of the owning entity, a partnership between Walton Street and Fritz Duda Company, by a team headed by CBRE Senior Vice President Philip D. Voorhees. The SVP worked along with the National Retail Investment Group\u2014West consisting of Megan Read, Jimmy Slusher, John Read and Brad Rable to represent the seller, as well as buyer Brixton Capital, a San Diego-based company in the all-cash deal.<\/p>\n<p class=\"MsoNormal\">The TownGate Center sits on a 2<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/towngate-center.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-246967\" title=\"towngate center\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/towngate-center.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a>8.5-acre site located in the immediate proximity of the Moreno Valley Mall. The retail property offers a total of 285,775 square feet of space. The current tenant roster is the result of an escalating leasing process at the facility, according to Phillip D. Voorhess, who said, \u201cThe substantial leasing activity at TownGate Center in the past three years, more than 100,000 square feet of new leases with tenants like TJ Maxx\/Home Goods, BevMo!, ULTA and Planet Fitness, demonstrates the property\u2019s appeal to expanding tenants.&#8221;<\/p>\n<p class=\"MsoNormal\">The current tenant roster includes other high-performing retailers such as Ross Dress for Less, Regency Theatres, Dollar Tree, and popular dining spot Chipotle. Two other CBRE employees, leasing professionals Walter Pagel and Barclay Harty acted as leasing agents at the property at the time of the sale, according to a press release announcing the acquisition.<\/p>\n<p class=\"MsoNormal\">Arranging the sale of the TownGate Center is an important milestone for the NRIG-West team, this being its 500<sup>th<\/sup> successful retail investment sale transaction. A total of 83 operations were completed by the team since the beginning of 2012, for a combined value of $1.7 billion. This transaction came about after heightened marketing activity, with the CBRE team\u2019s marketing efforts distributing more than 460 memoranda to investors and brokers. Voorhees also told <em>MHN,<\/em>\u00a0\u201cInvestor interest often follows tenant interest, and we expect increasing retail investment sale volumes in the Inland Empire over the next four to five years.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Inland Empire recently saw a large retail transaction completed when a Moreno Valley Property was acquired for a fee of approximately $42 million. TownGate Center was sold on behalf of the owning entity, a partnership between Walton Street and Fritz Duda Company, by a team headed by CBRE Senior Vice President Philip D. Voorhees. The SVP worked along with the National Retail Investment Group &ndash; West consisting of Megan Read, Jimmy Slusher, John Read and Brad Rable to represent the seller, as well as buyer Brixton Capital, a San Diego-based company in the all-cash deal.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[1815],"class_list":["post-1004092712","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million\" \/>\n<meta property=\"og:description\" content=\"The Inland Empire recently saw a large retail transaction completed when a Moreno Valley Property was acquired for a fee of approximately $42 million. TownGate Center was sold on behalf of the owning entity, a partnership between Walton Street and Fritz Duda Company, by a team headed by CBRE Senior Vice President Philip D. Voorhees. The SVP worked along with the National Retail Investment Group &ndash; West consisting of Megan Read, Jimmy Slusher, John Read and Brad Rable to represent the seller, as well as buyer Brixton Capital, a San Diego-based company in the all-cash deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-03-16T16:52:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:19:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/towngate-center.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million\",\"datePublished\":\"2014-03-16T16:52:03+00:00\",\"dateModified\":\"2022-12-08T12:19:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/\"},\"wordCount\":351,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/03\\\/towngate-center.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Los Angeles\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-team-arranges-sale-of-large-inland-empire-retail-center-for-42-million\\\/\",\"name\":\"CBRE Team Arranges Sale of Large Inland Empire Retail Center for $42 Million - 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