Starbucks-anchored Shops At Gateway to Temecula sells for $7.2 million
TEMECULA, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of The Shops at Gateway to Temecula.
The Shops at Gateway to Temecula is an 8,325-square-foot multi-tenant retail investment with a 24-hour drive-thru Starbucks and a mix of other internet-resistant tenants on 2.05 acres, near the Interstate-15 Freeway on/off-ramp in Temecula, California.
The sale price was $7,150,000, representing a 5.50% cap rate. Hanley Investment Group has sold 72 retail properties since COVID-19 was declared a pandemic on March 11, 2020.
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Hanley Investment Group’s Vice President Austin Blodget, Executive Vice President Eric Wohl, along with Associate CJ Kiehler, represented the seller, Pacific Real Estate of Corona, California. The buyer, a private investor from Redlands, California, was represented by Brian Melkesian of Lee & Associates located in Ontario, California.
“Despite the economic impact of the lockdown, it was the location that got the buyer comfortable,” Hanley Investment Group’s Vice President Austin Blodgett said of the $7.15 million sale.
Located at 30010 Temecula Parkway and built in 2018, The Shops at Gateway to Temecula features a freestanding Starbucks drive-thru and a 6,312-square-foot three-tenant retail pad building with Verizon, The Pizza Press and Sakura Sushi and is shadow-anchored by a newly built LA Fitness. The property is situated at a hard corner, signalized intersection, one block from the I-15 on/off-ramp (with 174,000 vehicles per day) and has direct frontage on Temecula Parkway (72,000 vehicles per day).
“Despite the economic impact of the lockdown, it was the location that got the buyer comfortable,” said Blodgett. “The Temecula Valley is booming, and this property is located at a premier corner within the market. This is a great comp for any smaller multi-tenant deal in Southern California and I think it proves that retail will remain strong as we push through COVID-19.”
There are over 115,000 people within a five-mile radius, which is an increase of over 100% since 2000, making it one of the fastest-growing submarkets in California. The area is also extremely affluent with an average household income within a one-mile radius of the property over $122,000. The Temecula Valley attracted over $1.1 billion in visitor spending in 2018, fueled by the wineries and Pechanga Resort Casino, the largest resort and casino on the West Coast is just five minutes from the subject property.
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“Retail investors are gravitating to quality real estate now more than ever,” said Wohl. “Additionally, this property offers multiple exit strategies as Starbucks is on its own parcel, giving the buyer flexibility on a future sale with the potential to realize a profit via cap rate arbitrage.”
Hanley Investment Group has sold a total of $565 million in retail properties in the last 48 months in the Inland Empire and currently has a number of properties listed for sale in the region.
Submitted by Monaghan Communications Inc.
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Trevor Montgomery, 49, 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 30 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 18 grandchildren.