Asian-Pacific Buyer Acquires Moreno Valley Retail Center For $50.9M

The property asset involved in the transaction is Towngate Center, a retail community shopping center located at 12625 Frederick St, Moreno Valley, CA. The asset was sold for $50,900,000.00 and has a total square footage of 290,000. At the time of sale, the property was 95 percent occupied by national and regional credit tenants.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $50,900,000.00
• Address: 12625 Frederick St, Moreno Valley, CA
• Market: Moreno Valley
• Square Footage: 290,000
• Occupancy Rate: 95%
• Seller's Representative: Philip Voorhees-CBRE
• Buyer: Unknown

Phillip Voorhees of CBRE's National Retail Partners-West represented the seller in the transaction. An Asian-Pacific-based 1031 exchange buyer acquired the asset, highlighting the nature of the investment strategy involved in this sale.