IE Business Daily Business news for the Inland Empire.
A grocery-anchored shopping center in Menifee has been sold for $24.6 million.
Tourmaline Capital, a San Diego-based real estate investments firm, sold the property to a private investor, according to JLL Capital Properties.
JLL’s Irvine office represented Tourmaline Capital in the negotiations, which were completed last month. The buyer’s name was not released.
The shopping center, which is 96 percent leased, is at 27281 Newport Road next to Interstate 215. Its tenants include Sprouts, Wendy’s, Olive Garden, Tacos & Tequila, and Paris Nails.
“The sale of Center Pointe represents a theme our team has seen play out over the past few months,” said Gleb Lvovich, JLL managing director, in a statement. “Well-located grocery-anchored shopping centers are commanding a premium in the market due to their cash flow stability and relative yield.”
Formerly known as Jones Lang LaSalle Inc., JLL is a real estate investment firm that operates in more than 80 countries and employs about 102,000 people, according to the statement.
I live across the street for this shopping plaza. It still needs more built around it, more buildings and such. What about the land next to it that went belly up? That area clasped years ago and now it needs an investor. Navy Federal Credit Union was one of the building in that area. We need someone to come in, gut that place out, start from scratch and build. It is an eyesore that brings down values in the area. Why hasn’t the city of Menifee stepped in and at least force a clean up to the area, get rid of the half built structures, and clean up that mess. The area is unsafe, building are half built, with structures leaning over.