Two adjacent Temecula retail centers sell for $26+ million
TEMECULA — CBRE’s Kirk Brummer announced today the National Retail Partners-West (NRP-West) has completed the sale of Bel Villaggio I-II & Bel Villaggio III in Temecula, California, adjacent retail centers, leased to a complementary mix of internet resistant tenants consisting of restaurants, retail and “daily needs” goods and services. The combined sale price was $26,100,000.
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CBRE retail experts Kirk Brummer, Sean Heitzler and team leader Philip D. Voorhees represented the seller, a San Diego-based private real estate investment firm, Pathfinder Partners. The buyer was Poincare Group, LLC.
“The property’s ideal location at the entrance to the 1.4 million-square-foot Promenade Temecula, as well as recent leasing momentum and upward-trending rents in this affluent trade area attracted significant investor demand. The potential to generate healthy yields for such a strong location made this acquisition a perfect fit for the buyer,” said Brummer.
Pathfinder Partners has owned, successfully managed, leased and renovated the properties since acquiring them in 2013. Situated on over ±16.35 acres, Bel Villaggio I-II & III is located at 41501 & 41221-41493 Margarita Road in Temecula, adjacent to Costco and Promenade Temecula.
“This was a great collaborative effort between CBRE and Pathfinder Partners. Prior to the commencement of marketing, Pathfinder was able to sign multiple accretive leases that improved the shopping centers’ cash flow, a testament to the property and location,” said Heitzler. “We leveraged our proprietary database to qualify and identify a wide range of value-add buyers, private and institutional capital alike, and in turn created a competitive bidding process leading to a successful close.”
According to Brummer and Heitzler, CBRE’s broad, systematic marketing approach produced a combined total of 475 confidentiality agreements/offering memoranda distributed, and through the “managed bid” offer process, generated multiple competitive offers to purchase Bel Villaggio I-II & III. With this closing, CBRE’s NRP-West team has completed a total of 61 retail investment sales over the last 12 months.
The NRP-West team focuses exclusively on retail investment properties in the western states, including California, Oregon, Washington, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the US. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, California, the team consists of specialists with institutional and private client relationships and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: www.nrpwestlistings.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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Trevor Montgomery, 48, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 16 grandchildren.
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How do they afford the property taxes once it’s aquired? Especially if the new Prop. 13 passes?