IE Business Daily Business news for the Inland Empire.
A shopping center in Murrieta has been sold.
Bella Piazza, a 28,000-square-foot facility at Murrieta Hot Springs Road and Jackson Avenue, sold for $10.1 million, said Jerry Palmer, senior vice president with WestMar Commercial Real Estate in Temecula.
The transaction, which took several months to complete, was announced Monday.
Palmer represented the buyer, a private investor from Orange County whose name was not released.
The seller was a private investment group/LLC whose members are from the Temecula area. That group was also represented by WestMar Commercial.
Developed in 2006, Bella Piazza is near the Interstate 15-215 interchange. Its tenants include a credit union, a dental office, an Asian market and a fast-food restaurant.
A gas station and convenience store on the property were not included in the purchase, Palmer said.
About 55,000 vehicles pass through the Murrieta Hot Springs Road-Jackson Avenue intersection on a typical day, Palmer said.
“It’s as good a retail property as you’ll find in that area,” Palmer said. “Most of the tenants have been there since it opened, and there’s no big-box anchor that, if it leaves, will cause the whole center to go dark.”
The new owners aren’t planning major changes to the property, Palmer said.
