CBRE's Philip D. Voorhees and NRIG-West Team Complete Moreno Valley Community Shopping Center Sale

MORENO VALLEY, Calif. - March 10, 2014 - PRLog -- CBRE Senior Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of TownGate Center, a 285,775-square-foot community shopping center in the city of Moreno Valley, CA, anchored by a high-performing TJ Maxx/Home Goods and Ross Dress for Less, along with Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and restaurants such as Chipotle. The sale price was $41,971,000, representing a 6.9% cap rate.

CBRE’s retail investment experts Voorhees, Megan Read, Jimmy Slusher, John Read and Brad Rable, represented the seller, a partnership between Chicago-based private equity firm, Walton Street and Dallas-based, Fritz Duda Company. The all-cash buyer, also represented by Voorhees and the NRIG-West team, was San Diego, CA- based Brixton Capital. CBRE leasing professionals Walter Pagel and Barclay Harty were the leasing agents on TownGate Center at the time of the sale.

TownGate Center is a 28.5-acre site that sits adjacent to the Moreno Valley Mall and features excellent visibility in both directions along Highway 60 in the heart of Moreno Valley’s primary retail trade area (Day Street and Frederick Street).

According to Voorhees, the CBRE team’s marketing system distributed more than 460 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated more than 9 offers to purchase the property. The purchase price mirrored CBRE’s pricing guidance to the ownership.

"The quality of the buyer pool, the level of activity and the competitive bidding we experienced on the TownGate Center transaction indicates renewed institutional investor interest in retail investments in the Inland Empire," said Voorhees.

"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. The Inland Empire is roaring back. The affordability index, the cost of housing per square foot relative to average household incomes, is by far the best available in Southern California," Voorhees added.

The TownGate Center closing was a milestone for the NRIG-West team, its 500^th successful retail investment sale transaction. With this closing, CBRE's NRIG-West team has closed 83 transactions since the start of 2012 for total consideration of $1.7 billion. In total, the NRIG-West team has listed and sold more than $7.6 billion in retail transactions. Several NRIG-West Team southern California listings include South Hills Plaza in West Covina, CA, listed for sale for $21,940,000; Plaza del Rancho in Valencia, CA, listed for sale for $16,306,000, and Garden Grove Festival Square in Garden Grove, CA, offered for sale for $12,087,000; to name a few.

About CBRE Group, Inc.
CBRE Group, Inc. , a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for: property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at cbre.com

About CBRE National Retail Investment Group – West (NRIG-West)
NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team's ability to collaborate across CBRE's multi-discipline platform enhances the team's role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today's investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County California, the Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com