A Moreno Valley shopping center has been sold for $8.3 million.
Lakeshore Village Marketplace at 23575 Sunnymead Parkway was sold by Lakeshore Holdings LLC to a Southern California private investor whose name was not released, Newmark Knight Frank announced today.
Newmark represented the seller.
Multiple offers were submitted on the property, which is within the Sunnymead Ranch Community. Nearly 193,000 residents live within a five-mile radius of the property.
A nearby 2.3-acre site, which the buyer intends to develop, was included in the transaction.
Lakeshore Village Marketplace has nearly 90 percent occupancy among its shops, which include Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in Box.
Total occupancy is 48 percent. Much of that is due to the 12,000 square feet of space leased to Dollar Tree, which opened last month in a former anchor grocery store.
The buyer plans to put the remaining 33,750 square feet on the market, according to Newmark.