Lake Elsinore Marketplace sells for nearly $44.3 million to Irvine-based Pacific Castle
LAKE ELSINORE — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today the completed sale of Lake Elsinore Marketplace.
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Built in 2005, the 144,034-square-foot regional shopping center located at the intersection of Central Avenue and Interstate 15 in Lake Elsinore is anchored by Grocery Outlet, Dollar Tree and PetSmart, and shadow-anchored by Costco and Lowe’s.
The 95-percent-occupied shopping center features national and regional credit tenants including Grocery Outlet, Dollar Tree, Kirkland’s, PetSmart, AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank and Wendy’s.
“Lake Elsinore Marketplace is the dominant shopping center in the trade area, ideally situated on Highway 74/Central Avenue (32,000 cars per day), the main retail thoroughfare connecting Orange County to Riverside County, and is immediately adjacent to I-15 (125,000 cars per day) at the Central Avenue exit with freeway-visible pylon signage,” said Fryman.
Asher adds, “Lake Elsinore Marketplace is situated at the best retail location in Lake Elsinore benefiting from an excellent regional customer draw and retail synergy of notable credit tenants at Central Avenue and I-15 including Target, Walmart Supercenter (relocation store coming in 2020), Home Depot, LA Fitness, Marshalls, 99 Cents Only, ALDI, Five Below, Skechers, Ulta Beauty and Walgreens.”
”As the market transitions due to recent rising interest rates, well-located shopping centers similar to Lake Elsinore Marketplace that have grocery, discount retailers and quick service restaurant tenancy will be the most desired retail investments in the future,” said Hanley.
The sale price of $44,262,466 was negotiated for the seller, Diamond Development of San Diego, by Hanley Investment Group to Irvine-based, Pacific Castle.
HIG is a retail investment advisory firm with a $6 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved.
For more information about this or other sales negotiated by Hanley Investment Group, visit www.hanleyinvestment.com
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Trevor Montgomery, 47, moved last year to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes for several other news organizations; including Riverside County based newspapers, Valley News, The Valley Chronicle, and Anza Valley Outlook; 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 28 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 14 – but soon to be 16 – grandchildren.