Shadow-Anchored Retail Center Trades

Temecula Town Center

TEMECULA, CA—Orange County-based  Citivest Commercial Investments  has spent $60 million to purchase 241,980 square feet of the  Temecula Town Center , a shadow-anchored retail property here.

The center’s tenants include CVS, Home Goods, Chase Bank, Payless Shoes, Starbucks and a 24 Hour Fitness Sport Club. Diane Gonzalez of CRBE Group’s Ontario office told The Press Enterprise that the buyer paid about $250 per square feet, which the paper described as market rate.

About 85% of the center is leased and Citivest Commercial President Larry Weese said the firm plans to attract new restaurants and other types of tenants. Anchors Von’s supermarket and Target were not part of the transaction. Citivest’s portfolio includes a number of retail centers, including EastLake Terraces in Chula Vista and the Pacific Coast Plaza in Oceanside. The company is located in Newport Beach.

Click Press Enterprise to read the full story.