IE Business Daily Business news for the Inland Empire.
A two-tenant retail parcel in Murrieta that was built last spring has been sold for $5 million
The property, which is occupied by Verizon Wireless and a drive-thru Chipotle Mexican Grill, sold for $975 per square foot, according to SRS Real Estate Partners in Newport Beach.
That is the most paid for a new multi-tenant retail property in Southern California during the past 12 months, SRS Retail reported.
The property is at 27970 Clinton Keith Road. It is part of the Vineyard Shopping Center, a 26.3-acre facility and is anchored by Costco Wholesale.
SRS represented the seller, a private developer who declined to be identified. The buyer, a private investor, also wished to remain anonymous.
“This [property] garnered a strong amount of buyer interest, as it offers a central location, new construction, stellar brand name tenants and minimal landlord responsibilities,” said Winston Guest, vice president with SRS Real Estate Partners, in the statement. “Murrieta and the greater Temecula market continue to see job and population growth which adds to the future success of the property.”
