{"id":1004640535,"date":"2023-01-23T05:07:48","date_gmt":"2023-01-23T13:07:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004640535"},"modified":"2023-01-23T11:57:07","modified_gmt":"2023-01-23T19:57:07","slug":"inland-empire-retail-asset-trades-in-1031-exchange","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/","title":{"rendered":"Inland Empire Retail Asset Trades in 1031 Exchange"},"content":{"rendered":"
\"Center<\/a>

Center Pointe. Image courtesy of JLL Capital Markets<\/p><\/div>\n

Tourmaline Capital <\/strong>has sold Center Pointe, a 41,461-square-foot, grocery-anchored retail center in Menifee, Calif. JLL Capital Markets <\/strong>brokered the $24.6 million transaction on behalf of the seller. A private investor acquired the asset through a 1031 exchange<\/a>.<\/p>\n

At the time of the sale, the property was 96 percent leased to anchor tenant Sprouts Farmers Market, as well as Wendy\u2019s, Olive Garden, Tacos & Tequila and Paris Nails, among others.<\/p>\n

Located at 27281 Newport Road in the Menifee Town Center area, the shopping center is easily accessible from Interstate 215. The six-building retail center was completed in 2021 on a 7.7-acre site, as shown by CommercialEdge.<\/p>\n

Managing Director Gleb Lvovich, Senior Director Daniel Tyner, and Managing Director Geoff Tranchina of JLL Retail Capital Markets acted on behalf of the seller.<\/p>\n

The staying power of grocery-anchored centers<\/h2>\n

In a prepared statement, Lvovich said that the Center Pointe sale aligns with a trend observed by JLL, where grocery-anchored shopping centers in prime locations continue to appeal to investors due to their steady income and attractive returns. Tyner added that grocery-anchored retail<\/a> remains strong, and this deal is an example of the dynamic 1031 exchange transaction activity on the West Coast.<\/p>\n

In another recent similar transaction, Gerrity Group sold its grocery-anchored retail center in Las Vegas<\/a> to a 1031 exchange California buyer. Craig Marketplace changed hands for $41.2 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sprouts Farmers Market anchors the two-year-old property. <\/p>\n","protected":false},"author":3030,"featured_media":1004640536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34027,21783,21742,21749,15],"tags":[33536,44006,36875],"class_list":["post-1004640535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inland-empire","category-investment","category-latest","category-retail","category-west","tag-1031-exchange","tag-jll-capital-markets","tag-sprouts-farmers-market"],"acf":[],"yoast_head":"\nInland Empire Retail Asset Trades in 1031 Exchange - CPE<\/title>\n<meta name=\"description\" content=\"Tourmaline Capital has sold Center Pointe, a 41,461-square-foot grocery-anchored retail center in Menifee, Calif.\" \/>\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\/inland-empire-retail-asset-trades-in-1031-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland Empire Retail Asset Trades in 1031 Exchange\" \/>\n<meta property=\"og:description\" content=\"Tourmaline Capital has sold Center Pointe, a 41,461-square-foot grocery-anchored retail center in Menifee, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/\" \/>\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=\"2023-01-23T13:07:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-23T19:57:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Center-Pointe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"696\" \/>\n\t<meta property=\"og:image:height\" content=\"522\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/\",\"name\":\"Inland Empire Retail Asset Trades in 1031 Exchange - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Center-Pointe.jpg\",\"datePublished\":\"2023-01-23T13:07:48+00:00\",\"dateModified\":\"2023-01-23T19:57:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"Tourmaline Capital has sold Center Pointe, a 41,461-square-foot grocery-anchored retail center in Menifee, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-empire-retail-asset-trades-in-1031-exchange\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Center-Pointe.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Center-Pointe.jpg\",\"width\":696,\"height\":522,\"caption\":\"Center Pointe. 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