Inland Empire Shopping Center Trades in 1031 Exchange

Meadows Village Center. Image courtesy of CBRE

RA Centers has purchased Meadows Village Center, a 67,336-square-foot grocery-anchored retail center in Temecula, Calif., in a private 1031 exchange. CBRE arranged the $27.7 million transaction on behalf of the seller, funds managed by affiliates of Fortress Investment Group LLC.

Anchored by Baron’s Market, Wells Fargo and Palomar Health, Meadows Village Center has a diverse mix of local, national and regional tenants. The roster includes Starbucks, Subway, Crumbl Cookies, Alberto’s Mexican Food, UPS Store, Fight Sports Club and Pacific Dental, among others. The retail asset was 96 percent leased at the time of sale.

Completed in 2006, Meadows Village Center encompasses six buildings spread across an 8-acre site, according to CommercialEdge information. The property has recently underwent renovations and upgrades to the common areas, landscaping and signage.

Located at 31963 Rancho California Road, in the Southwest Riverside County submarket, the neighborhood center is less than 4 miles east of Interstate 15. The property is at the gateway of Temecula Wine Country, a region receiving more than 3 million visitors annually.

CBRE Senior Vice President Jimmy Slusher, Vice Chairman Philip Voorhees and Associate James Tyrrell represented the seller. Despite various challenges, the retail real estate sector has started to show broad strength in the first quarter of this year, a recent CBRE report shows.