Newmark Knight Frank announces it has arranged the sale of Lakeshore Village Marketplace, a 80,000-square-foot shopping center, in addition to a 2.3 acre site, in Moreno Valley, California for $8.3 million.
Newmark’s Managing Directors Mario J Alvarez Jr. and Pablo Rodriguez represented the seller, Lakeshore Plaza Holdings, LLC. The buyer was a private party from Southern California.
“We leveraged our extensive private client relationships to generate multiple offers that exceeded our client’s expectations, which was an overall collaborative team effort”, said Alvarez.
Rodriguez added, “Newmarkleasing and project management also played a pivotalrole that allowed Dollar Tree to open successfully at the close of escrow.”
Lakeshore Village Marketplace is located at 23575 Sunnymead Parkway within the Sunnymead Ranch Community and serves as the daily needs shopping center for approximately 192,986 residents within a five-mile radius. The 2.3-acre site that was also included in the transaction is located at 23757 Sunnymead Parkway, which the buyer intends on developing in the future.
Lakeshore Village Marketplace has maintained a steady 87% occupancy of shop space (±29,692 square feet) which includes local eateries such as Armando’s Mexican Restaurant, Espresso & Cupcake Café, S Bar & Grill, Oishii Sushi, Del Taco and Jack in Box. The overall occupancy for Lakeshore Village Marketplace is 48% which is primarily due to the vacant former grocer anchor space of which ±12,000 SF was leased to Dollar Tree that opened in early July, however the remaining vacancy (± 33,750 square feet) will be repositioned by the Buyer.
Daily consumer traffic remains consistent with non-food related daily needs tenants nearby, including Bank of America ATM, Fit Body Boot Camp Personal Training, Hair Perfect Salon, Lovely Nails Salon, Soft Touch Dental, Lakeshore Village Cleaners and Shell Gas Station.
The asset presents a value-add component to reposition and re-lease the 35,750 square feet anchor space with strong junior anchors. Situated on a prime signalized corner, Lakeshore Village Marketplace features prominent signage and visibility to two major crossroads with an average of 31,000 cars passing by per day.
Alvarez, who is also the leasing agent for the property, brokered the lease agreement with Dollar Tree.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
