IRVINE, CA—Cassidy Turley has sold two shopping centers in Moreno Valley with a combined value of $34,850,000. The centers sold for the lowest cap rates ever reported for stabilized retail centers over 25,000 square feet in this fast-growing Southern California area.

“These centers signify the movement to quality which has retail investors making aggressive decisions in areas previously not under consideration for low six cap rates,” said Cassidy Turley's Dixie Walker, who along with Charley Simpson and Tom Blake were the listing brokers for both centers. “The buyers are excited about the synergy being created by new commercial and residential development in the Moreno Valley area and the resulting potential for strong retail consumer demand. Both assets are well-positioned with long-term leases by quality credit tenants. The Moreno Valley area is no longer the Moreno Valley we once knew.”

Lakeside Terrace Shopping Center, a 55,157 square foot center located at 26150 Iris Avenue in Moreno Valley, was purchased through a 1031 Exchange by Spathco from IRA Capital, LLC. The price of $18,050,000 or $315 per square foot, reflects an all-time low cap rate of 6.1% for a center of this size in the area, according to Mr. Walker.