Solana Beach, CA-based Brixton Capital divested Towngate Center, a roughly 290,000-square-foot community shopping center in Moreno Valley, CA for nearly $51 million. A 1031 Exchange buyer based out of the Asian-Pacific acquired the property located at 12625 Frederick St.
The 95%-leased asset is home to such high performing national and regional credit tenants as TJ Maxx/Home Goods, BevMo!, Ross Dress for Less, Dollar Tree, ULTA, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank.
Brixton purchased the property in March 2014 at 90% occupancy, and was able to successfully complete its business plan, growing MOI roughly 30% across the five-year hold period along with renewing anchor tenant leases. Towngate marks Brixton’s seventh disposition in the last six months.
CBRE’s National Retail Partners-West (NRP-West) team, lead by Vice Chairman, Phillip D. Voorhees, represented the seller.