ORANGE COUNTY, Calif. – JLL Capital Markets announced today that it has closed the $24.6 million sale of Center Pointe, a 41,461-square-foot, newly developed grocery-anchored retail center in Menifee, California.
JLL represented the seller, Tourmaline Capital. A private, 1031 exchange buyer acquired the asset.
The recently constructed center is 96-percent-leased to Sprouts, Wendy’s and Olive Garden, as well as local food and service retailers, such as Tacos & Tequila, Paris Nails and more.
The property is located at 27281 Newport Rd. and is set directly off of Interstate 215. It is situated in the center of the Menifee Town Center district, which has seen extremely strong growth in the past decade.
The JLL Retail Capital Markets team representing the seller was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner and Managing Director Geoff Tranchina.
“The sale of Center Pointe represents a theme our team has seen play out over the past few months: well-located grocery anchored shopping centers are commanding a premium in the market due to their cash flow stability and relative yield,” Lvovich said.
“Grocery-anchored retail continues to perform at a high-level and this transaction represents the aggressive 1031 exchange private capital we continue to see throughout the West Coast,” said Tyner
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Tourmaline Capital
Tourmaline Capital is a private real estate investment firm focused on the acquisition, development, and operation of retail and mixed-use properties in the Western U.S. Tourmaline Capital is headquartered in San Diego, California.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.