TEMECULA, CA—A major portion of Temecula Town Center, one of the first regional shopping centers to be built in this Riverside County master-planned community, is coming to market and will be open to initial bids Aug. 31.
Built in 1989, some 241,870 square feet of the development's total 491,728 square feet will be sold at auction, according to Colliers senior vice presidents Michele Schierberl and Donald Ellis, who are marketing the property. Following acceptance of initial bids on Aug. 31, a short list of qualified bidders will be selected for a “best and final” auction to be held in late September.
Located at 27540 Ynez Road near the heavily-trafficked intersection of Rancho California Road and Interstate 15, the center's anchor tenants include Target, Von's, Chase Bank, CVS, HomeGoods, 24 Hour Fitness Sport Club and Active. A portion of the center is being redeveloped into multi-family residential, which will enhance the overall center as it transitions to a mixed-use environment.
“The buyer will be getting a stable and seasoned center in a premier location with a proven mix of national credit tenants and local, long-term retailers, many of which have been in the center since it opened 26 years ago,” Schierberl said. The center currently has an occupancy rate of more than 85 percent.
An investor can achieve “value add” returns by leasing the available spaces on this stabilized, well-located center within a growth community, Schierberl added. Potential buyers should contact the Colliers listing team of in the firm's Irvine office at: [email protected] or [email protected].
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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.
