July 25, 2016
Regency Centers and Target Corp., divested Murrieta Marketplace, a 49.29-acre land parcel in Murrieta, CA for reportedly $18 million. Murrieta Marketplace Holdings, LP acquired two parcels including a 38-acre site controlled by Regency and an 11-acre site, owned by Target.
Lee & Associates’ Brian Bielatowicz represented the buyer and will also act as the exclusive leasing agent for the property. Regency Centers LP and Target Corp. were self-represented.
Bielatowicz says the buyer plans to develop a roughly 500,000-square-foot community shopping center concept on the site, “which will fit nicely in the residential development plan for this region.”
Construction on one of the largest retail centers in the region is expected to begin by the end of this year with delivery scheduled for the second or third quarter of 2017.
For comments, questions or concerns, please contact Dennis Kaiser