Irvine, California–based Pacific Castle has purchased Lake Elsinore Marketplace, a 144,034-square-foot regional shopping center in Lake Elsinore, California, from San Diego–based Diamond Development for $44.3 million, according to a release from a representative of Hanley Investment Group Real Estate Advisors (HIG). The statement says the property is anchored by Grocery Outlet, Dollar Tree, and PetSmart and shadow-anchored by Costco and Lowe’s.
According to the source, Lake Elsinore Marketplace was built in 2005 and is located at the northeast quadrant of the signalized intersection of Central Avenue and I-15. The shopping center is 95 percent occupied; additional tenants include AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank, and Wendy’s.
The statement says HIG president Ed Hanley and EVPs Bill Asher and Kevin Fryman represented the seller in the transaction. Fryman is quoted in the release as saying, “Lake Elsinore Marketplace is the dominant shopping center in the trade area, ideally situated on Highway 74/Central Avenue (32,000 cars per day), the main retail thoroughfare connecting Orange County to Riverside County, and is immediately adjacent to I-15 (125,000 cars per day) at the Central Avenue exit with freeway-visible pylon signage.”
Asher adds that the property benefits from its proximity to “notable credit tenants at Central Avenue and I-15 including Target, Walmart Supercenter (relocation store coming in 2020), Home Depot, LA Fitness, Marshalls, 99 Cents Only, ALDI, Five Below, Skechers, Ulta Beauty, and Walgreens.”
Lake Elsinore is located in western Riverside County.