Shops At Gateway To Temecula Sells For $7.15M

Temecula CA

09 November, 2020

4:24 PM

Description

TEMECULA, CA — A deal has been struck on a Temecula strip mall that was up for sale, it was reported Monday. The 8,325-square-foot Shops at Gateway to Temecula has sold for $7,150,000, according to Hanley Investment Group Real Estate Advisors, which represented the seller, Pacific Real Estate of Corona. The property was sold to a private investor from Redlands, according to Hanley. The listing price was $7,393,000. The 2.05-acre property at 30010 Temecula Parkway, just east of Interstate 15, was built in 2018 and is home to a Starbucks drive-thru, Verizon, The Pizza Press, and Sakura Sushi. Hanley said the current tenants are "internet-resistant." Despite the economic impact of coronavirus, the property's location got the buyer comfortable, said Hanley Investment Group's Vice President Austin 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," Blodgett said. Hanley characterized the property's Temecula location as "one of the fastest-growing submarkets in California" with "extremely affluent" households nearby. "Retail investors are gravitating to quality real estate now more than ever," said Hanley Investment Group Executive Vice President Eric Wohl. According to Hanley, the market capitalization on the property is 5.5 percent.