Phillips Edison & Company Inc. has purchased Sierra Vista Plaza, an 80,259-square-foot, value-add retail center at 25030-25100 Hancock Street in Murrieta, California, according to a release from a representative of HFF. No sale price was given in the release, and the identity of the seller was not listed, but real estate sources believe the deal sold for just under $23 million.
SoCal Real Estate reached out to the rep for more information about the seller but did not hear back before deadline.
According to the statement, Sierra Vista Plaza is anchored by Stater Bros. (NAP) and CVS Pharmacy. The center is located on 8 acres adjacent to I-215 and is visible to more than 95,000 cars per day. Tenants include CVS Pharmacy, Chuck E. Cheese, Valley Veterinary Clinic, The UPS Store, Pizza Hut, and Jack in the Box.
Murrieta, a city in the Inland Empire, is described in the statement as “an affluent community in south Riverside County about 40 miles from the San Diego metro coastal cities, 50 miles from Orange County, and 80 miles from Los Angeles.”
According to the release, HFF’s investment-advisory team — led by managing director Bryan Ley, managing director Gleb Lvovich, director Justin Kundrak and associate Tony Ensbury — marketed the property on behalf of the seller. Ley is quoted as saying, “The sale of Sierra Vista Plaza represented the continued strong demand from investors for value-add grocery-anchored centers in Southern California.”
Lvovich adds, “The Inland Empire and communities like Murrieta continue to grow and provide great relative value in Southern California.”
As we reported in June after another Inland Empire retail sale, Ed Hanley, president of Hanley Investment Group Real Estate Advisors told us that shopping centers that provide future upside potential in today’s market are becoming more challenging for investors to find in Southern California.