Growing Inland Empire grocery-anchored shopping center trades for $37.5M
JLL Capital Markets arranged the sale and acquisition financing for an ALDI-anchored retail asset in Beaumont, Calif.
NEWPORT BEACH, Calif., Sept. 27, 2021 – JLL Capital Markets announced today that it has closed the $37.5 million sale of and arranged acquisition financing for Marketplace Beaumont, a 187,851-square-foot shopping center anchored by ALDI, Ross, Best Buy, Petco and Bed Bath & Beyond in the Inland Empire community of Beaumont, California.
Completed in 2008, the 91-percent-leased Marketplace Beaumont is anchored by ALDI and is home to major national tenants, including Ross Dress for Less, Petco, Bed Beth & Beyond and Best Buy. The center comprises eight buildings that include five drive-thru pads occupied by Starbucks, Taco Bell and more.
Marketplace Beaumont has been a strong performer through the pandemic. It is situated on 51.77 acres at 1604, 1693 and 1642 E. Second St. in Beaumont, a Riverside County community east of Los Angeles that is one of the fastest-growing submarkets in Southern California. More than 13,800 new homes have been added since 2018, and there are nearly 24,000 planned or under construction. More than 80,300 residents earning an average annual household income of $82,236 live within a three-mile radius of the property.
The JLL Retail Capital Markets team representing the buyer was led by Managing Director Gleb Lvovich and Director Daniel Tyner.
“Marketplace Beaumont is the dominant center in the rapidly growing area of Beaumont,” Tyner said. “The acquisition was attractive due to its strong performance and quality national tenant roster.”
“Big-box retail, along with the shops and pads surrounding it, has performed well through the pandemic, and we are seeing strong demand from both tenants to lease space and investors to enjoy the strong relative yields available in the space,” Lvovich added.
The JLL Debt Advisory team representing the seller was led by Senior Managing Director Aldon Cole and Managing Director Pat Burger.
“Sponsorship benefitted from running a competitive process, which ultimately procured very accretive financing for the project,” Burger said. “The depth of capital pursuing the acquisition demonstrates the appetite available for quality retail assets.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in Solana Beach, California, Brixton is led by a team of seasoned real commercial real estate experts with an average of more than 25 years of experience.