IE Business Daily Business news for the Inland Empire.
A retail property in Temecula that is home to a Fitness 19 has been sold for $9.8 million.
The sale of the 30,057-square-foot parcel completes a four-parcel break-up strategy that began last year and now totals $26.46 million, according to SRS Capital Markets’ Newport Beach office.
“We recommended (that approach) as opposed to selling the center as a whole,” said John Redfield, senior vice president and principal with SRS, in a statement. “The sum of the parts was greater than the whole.”
The Fitness 19 property sits on 4.1 acres and is located at 32909 Temecula Parkway.
The other parcels are:
- A 30,038-square-foot property occupied by Smart & Final that sold for $11.5 million;
- A 5,360-square-foot parcel occupied by a strip mall that sold for $2.2 million;
- A 5,000-square-foot property that is home to a Wells Fargo that sold for $2.4 million.
All four parcels were sold to private investors. They’re located in Butterfield Station, a 70,455-square-foot retail center that runs parallel to Temecula Parkway/State Highway 79.
Dallas-based SRS has more than 845 properties on the market with a market value of more than $3.7 billion, according to the statement
