Two limited liability companies, Lakha Investment Co. LLC and Lakha Federal Way Properties II LLC, have joined up to purchase the local retail asset. The portion that sold is leased to tenants including HomeGoods, Sav-on, 24 Hour Fitness and Hollywood Video.
Located on a 31.3-acre site on the northeast corner of Rancho California and Ynez roads, Temecula Town Center dates back to 1989. The shopping center, which was 90% leased at the time of sale, is anchored by Target and Vons. Both anchor tenants own their facilities.
Pete Bethea of Burnham Real Estate, along with Adam Edwards and Patrick Walmsley of Secured Capital Corp., represented the buyers in the transaction. They also acted on behalf of the seller, Cimirron Temecula LLC (GMS Realty). Rob Ipollito and John Jennigs of Burnham Real Estate have been retained by the new owners to handle leasing efforts.
Temecula is one of Riverside County's retail bastions, having recorded taxable retail sales of $1.7 million for 2001-2002, according to a recent report by Inland Empire expert John E. Husing. His research also points out that the city's population in 2003 consisted of 75,041 residents with a median income of $66,207.
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