IE Business Daily Business news for the Inland Empire.
Towngate Center, a shopping center in Moreno Valley, has been sold.
Brixton Capital recently sold the 290,000-square-foot facility for $51 million, according to a statement.
The buyer’s name was not disclosed.
Located at 12625 Frederick St., Towngate Center is 95 percent leased. Its tenants include TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank, among others.
Brixton Capital bought Towngate Center in March 2014 when the facility was 90 percent occupied. The shopping center’s net operating income increased by about 30 percent during that time.
Brixton Capital was represented by CBRE during the sale negotiations.
Based in Solana Beach, Brixton Capital is a private real estate investment firm with a portfolio worth more than $1 billion across the United States and Europe, according to the statement.
