Brixton Capital buys Moreno Valley, Calif., center
Los Angeles — Brixton Capital has acquired TownGate Center in Moreno Valley, Calif., for $41,971,000, a 6.9% cap rate, according to CBRE, which represented both the buyer and seller in the transaction. The seller was a partnership between Walton Street, a private equity firm, and Fritz Duda Co.
The CBRE marketing system distributed more than 460 offering memoranda to investors and brokers. The managed bid offer process generated more than nine offers. The purchase price mirrored CBRE’s pricing guidance to the seller.
TJMaxx/Home Goods, Ross Dress for Less and Regency Theatres anchor the 285,775-sq.-ft. community shopping center. The tenant line-up also includes BevMo!, Ulta, Dollar Tree, Planet Fitness and Chipotle.
"TownGate Center provides an excellent balance of income stability from new 10-year leases with national and regional credit tenants, a below replacement cost purchase opportunity, some very low in-place rents, and the ability to significantly increase income over a 5-10-year hold period as the economy continues to recover,” said Philip D. Voorhees, CBRE senior VP.
Jersey Mike’s opens at Kohl’s Plaza in Holmdel, N.J.
Purchase, N.Y. — Jersey Mike’s Subs has opened a new shop at Kohl’s Plaza in Holmdel, N.J. Kohl’s and Stein Mart anchor the 184,575-sq.-ft. shopping center owned and managed by National Realty & Development Corp.
The tenant line-up also includes 7-Eleven, Harmon Stores, Avenue, Wells Fargo and the Bayshore Academy of Dance.
New tenants for Warrenton, Va., center
Virginia Beach, Va. — Two new tenants have signed into Warrenton Towne Center in Warrenton, Va., according to Divaris Real Estate, the broker representing Kalis Holdings, the landlord, in the transactions.
Regis Corporation leased 2,502 sq. ft. in the center for a beauty salon. The company owns, franchises or holds ownership interests in 9,763 locations worldwide.
Tagaloo has taken 1,391 sq. ft. at the center. The 11-year-old social, interactive business organizes events, camps and parties. It also offers classes on creative art, etiquette jewelry making, laughing yoga nutrition, photography, scrapbooking and sewing.
Current Warrenton Towne Center tenants in the center include Food Lion, CBS, Gold’s Gym, Tuesday Morning, Dollar General, Country Cookin’, Jackson Hewitt and Habitat for Humanity ReStore.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers, covering 91 major markets throughout the U.S.