Moreno Valley Towngate Center Sells for $50 Million
Moreno Valley, CA – Brixton Capital recently sold Towngate Center, located at 12625 Frederick Street in Moreno Valley, California, to a 1031 Exchange buyer based out of the Asian-Pacific, for $50,976,686.
Towngate Center, an approximately 290,000-square-foot community shopping center, is 95% leased to high performing national and regional credit tenants, including TJ Maxx/Home Goods, BevMo!, Ross Dress for Less, Dollar Tree, ULTA, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank, among others.
Brixton purchased Towngate Center in March 2014 at 90% occupancy and was able to successfully complete its business plan, growing net operating income approximately 30% across the five-year hold period along with renewing anchor tenant leases. Towngate marks Brixton’s seventh disposition in the last six months.
According to Travis King, Chief Executive Officer of Brixton Capital, “Towngate was an excellent example of the effectiveness of Brixton’s fully integrated operations platform and our ability to successfully identify and execute on value-add components in stabilized assets.”
Brixton was represented by CBRE’s National Retail Partners-West (NRP-West) team lead by Vice Chairman, Phillip D. Voorhees.
Brixton Capital is a preeminent, private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience.
Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office, industrial and land investments across the United States and Europe. Commercial Property Executive has ranked Brixton Capital as one of the Top 50 Commercial Owners.