Middle Pointe. Picture courtesy of JLL Capital Markets
Tourmaline Capital has offered Middle Pointe, a 41,461-square-foot, grocery-anchored retail heart in Menifee, Calif. JLL Capital Markets brokered the $24.6 million transaction on behalf of the vendor. A non-public investor acquired the asset by means of a 1031 alternate.
On the time of the sale, the property was 96 p.c leased to anchor tenant Sprouts Farmers Market, in addition to Wendy’s, Olive Backyard, Tacos & Tequila and Paris Nails, amongst others.
Positioned at 27281 Newport Street within the Menifee City Middle space, the procuring heart is well accessible from Interstate 215. The six-building retail heart was accomplished in 2021 on a 7.7-acre web site, as proven by CommercialEdge.
Managing Director Gleb Lvovich, Senior Director Daniel Tyner, and Managing Director Geoff Tranchina of JLL Retail Capital Markets acted on behalf of the vendor.
The endurance of grocery-anchored facilities
In a ready assertion, Lvovich mentioned that the Middle Pointe sale aligns with a development noticed by JLL, the place grocery-anchored procuring facilities in prime areas proceed to attraction to buyers resulting from their regular revenue and enticing returns. Tyner added that grocery-anchored retail stays sturdy, and this deal is an instance of the dynamic 1031 alternate transaction exercise on the West Coast.
In one other current related transaction, Gerrity Group offered its grocery-anchored retail heart in Las Vegas to a 1031 alternate California purchaser. Craig Market modified fingers for $41.2 million.
