IE Business Daily Business news for the Inland Empire.
A Starbucks-anchored retail center in Temecula has been sold.
The Shops at Gateway to Temecula, an 8,325-square-foot retail center with multiple tenants, sold for $7.1 million, according to a statement.
The seller, Pacific Real Estate of Corona, was represented by Hanley Investment Group, who announced the sale. The buyer, a private investor in Redlands, was represented by Lee & Associates Ontario.
The shopping center at 30010 Temecula Parkway was built two years ago. Besides the freestanding 24-hour Starbucks drive-thru, the project includes Verizon, The Pizza Press, and Sakura Sushi. It is also near a new LA Fitness.
About 72,000 vehicles pass by the site next to Interstate 15 every day, and more than 115,000 people live within a five-mile radius of the development.
“The Temecula Valley is booming, and this property is located at a premier corner within the market,” said Austin Blodget, a vice president with Hanley Investment and a member of the brokerage team, in the statement. “I think this deal proves that retail will remain strong as we push through COVID-19.”
