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Brixton Capital buys Moreno Valley, Calif., center | Chain Store Age
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.
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