May 16, 2017
Irvine, CA-based Passco Companies acquired Temescal Village, a 102,976 square-foot neighborhood shopping center in Corona, CA from an undisclosed private investor for $16.95 million.
Passco Companies’ Todd Siegel says of the value-add retail asset, “Shoppers today are demanding environments where they can gather and socialize with friends and family. We plan to integrate these social components into the center by incorporating more outdoor seating and gathering spaces for shoppers.”
Located at 1181 to 1199 Magnolia Ave. and built in 1983, Passco plans to modernize the 93.5% leased property through a series of strategic renovations and capital improvements. Those include redesigning the landscaping and updating the center’s façade, as well as adding a variety of social gathering, outdoor dining, and seating areas throughout the center.
Cushman & Wakefield’s Dixie Walker and Charley Simpson represented the seller. The buyer was self-represented.
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