IE Business Daily Business news for the Inland Empire.
A neighborhood shopping center in Corona has been sold.
Temescal Village, a 102,976 square-foot facility 1181-1199 Magnolia Ave., was purchased for nearly $17 million by Passco Cos. in Irvine, which buys, develops and manages commercial and multi properties throughout the United States, according to a statement.
Cushman & Wakefield’s Irvine office represented the seller, a private investor whose name was not released.
Built in 1983, Temascal Village is currently 93.5 percent occupied. Its 19 tenants include CVS Pharmacy, Citibank, Wells Fargo, H&R Block and the UPS Store. Riverside County also maintains offices there.
Passco is planning several renovations for the property, including redesigning its landscaping and updating its facade. It also plans to add outdoor dining and seating areas, along with other places people can gather, according to the statement.
“Temescal Village is a prime retail asset,” says Todd Siegel, Vice President of Retail Acquisitions for Passco Cos., in the statement. “[It’s] located in a densely populated residential community along [Interstate 15], in a market with significant barriers to entry for new retail supply and incredibly low retail vacancy.”
At the close of last year, Corona’s retail market had a vacancy rate of 4.4 percent, one of the lowest vacancy rates in the Inland Empire, Los Angeles and Orange counties, according to the statement.
