MORENO VALLEY, CA—TownGate Center retail property here has been sold to San Diego's Brixton Capital for $41,971,000, representing a 6.9% cap rate.
CBRE SVP Philip Voorhees and the firm's National Retail Investment Group – West (NRIG-West) team handled the sale. TownGate Center, a 285,775-square-foot community shopping center by a high-performing TJ Maxx/Home Goods and Ross Dress for Less, along with Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and restaurants such as Chipotle.
CBRE's retail investment experts Voorhees, Megan Read, Jimmy Slusher, John Read and Brad Rable, represented the seller, a partnership between Chicago-based private equity firm, Walton Street and Dallas-based, Fritz Duda Company. The all-cash buyer, also represented by Voorhees and the NRIG-West team, was San Diego, CA- based Brixton Capital. CBRE leasing professionals Walter Pagel and Barclay Harty were the leasing agents on TownGate Center at the time of the sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
