Lake Elsinore retail property sells

By on November 7, 2018

Lake Elsinore Marketplace, a 13-year-old regional shopping center, has been sold.

The property, which is anchored by a Grocery Tree, PetSmart and Dollar Tree, changed hands for $44.2 million, according to Hanley Investment Group, a retail investment advisory firm in Corona Del Mar that specializes in retail sales.

The transaction was announced Monday.

Hanley Investment Group represented the seller, San Diego-based Diamond Development. The buyer was Pacific Castle Management Inc. in Irvine, which owns and operates high-end retail properties.

Lake Elsinore Marketplace is at Central Avenue and Interstate 15. It’s 95 percent occupied, with a tenant mix that includes Grocery Outlet, Dollar Tree, Kirkland’s, PetSmart, AT&T and Chili’s Grill & Bar.

The shopping center is at one of the better retail locations in Lake Elsinore, with an estimated 125,000 vehicles passing by the site on Interstate 15. It also near two big-box retailers, Costco and Lowe’s, both of which are regional destinations.