IE Business Daily Business news for the Inland Empire.
A pair of retail centers in Temecula have sold for a combined $26.1 million.
Bel Villagio I-II and Bel Villagio III, a mix of restaurants, “daily use” goods and other retail, has been sold to Poincare Group LLC, according to a statement.
The seller was Pathfinder Partners, a private real estate firm in San Diego.
All three properties are near a Costco and the entrance to the Promenade in Temecula, a 1.4-million-square foot regional shopping mall.
Built on a 16-plus acre site, the Bel Villagio properties are at 41501 and 41221-41493 Margarita Road. Pathfinder Partners has managed, leased and renovated both projects since buying them them in 2013.
CBRE’s National Retail Partners-West Team – Philip D. Voorhees, Kirk Brummer and Sean Heitzler – completed the sale. That trio, which focuses on retail properties in the western United States, has completed 61 similar transactions during the past year, according to the statement.
