Tourmaline Capital has sold Center Pointe, a 41,461-square-foot, newly developed grocery-anchored retail center in Menifee, Calif.
A private buyer acquired the asset for $24.6 million.
The recently constructed center is 96 percent leased to Sprouts, Wendy’s and Olive Garden, as well as local food and service retailers, such as Tacos & Tequila, Paris Nails.
The property is located at 27281 Newport Road and is near Interstate 215. It is situated in the center of the Menifee Town Center district, which has seen strong growth in the past decade.
“Grocery-anchored retail continues to perform at a high level, and this transaction represents the aggressive 1031 exchange private capital we continue to see throughout the West Coast,” said Daniel Tyner, a senior director on the JLL Retail Capital Markets team representing the seller.
