November 6, 2018
Lake Elsinore Marketplace, a 144,034-square-foot regional shopping center anchored by Grocery Outlet, Dollar Tree and PetSmart in Lake Elsinore, CA, has traded hands for $44.3 million. The buyer was Irvine, CA-based Pacific Castle, while the seller was San Diego-based Diamond Development.
Built in 2005, the center is located at Central Avenue and Interstate 15. The 95%-occupied shopping center features a strong tenant mix of internet resistant, national and regional credit tenants.
Hanley Investment Group’s Ed Hanley, Bill Asher and Kevin Fryman represented the seller.
Hanley says, ”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.”
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Tags: Acquisition, Retail
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