IE Business Daily Business news for the Inland Empire.
Part of the Temecula Town Center is up for sale.
Nearly 242,000 square feet of the 491,700-square-foot retail development is up for auction, with all bids to submitted by next Monday, said Michele Schierberl, senior vice president with Colliers International Irvine.
The property, which was foreclosed on two years ago, was built in 1989 and is part of a master-planned community. It’s at 27540 Ynez Road, near Interstate 15 and Rancho California Road.
A short list of bidders will be put together early next month, and from that a “best and final auction” will be held later next month.
The property up for sale is owned by a group of bondholders. Tenants include Target, Vons, CVS, HomeGoods, 24 Hour Fitness, Chase Bank and CVS.
Schierberl declined to speculate on how many bids might be submitted or how much the property will sell for, but she called the town center one of the prime retail properties in southwest Riverside County.
“It’s a great value,” said Schierberl, who is marketing the property along with Donald Elllis, also a senior vice president with Colliers’ Irvine office. “Whoever buys it will give it a facelift, and that will be good for the whole area.”
Bids to buy a portion of the Temecula Town Center, a retail development near Interstate 15 and Ynez Road, are due Aug. 31 2015.
