JLL closes $31.5M sale of Southern California retail center
The 148,805-square-foot, grocery-anchored shopping center is in an affluent Riverside County community
NEWPORT BEACH, Calif., August 21, 2019 – JLL announced today that it has closed the $31.5 million sale of Corona Hills Marketplace, a 148,805-square-foot, grocery-anchored community shopping center located in the Southern California community of Corona Hills, California.
JLL marketed the property on behalf of the seller, a public REIT. An undisclosed private investor purchased the asset.
Corona Hills Marketplace is situated on 12.28 acres at 529-591 N. McKinley Street in the affluent master-planned community of Corona Hills, which is in Riverside County. Anchored by Vons, PetSmart and Howard’s Appliances, Corona Hills Marketplace is 98% leased to a diverse mix of daily-needs and service-oriented tenants and is shadow anchored by Walmart. The center serves as the community shopping center for the trade area and is along one of the most well-traveled regions in the Corona Hills submarket. The property’s location along McKinley Street in addition to visibility from the 91 Freeway exposes it to more than 209,000 vehicles per day.
The JLL Capital Markets team representing the seller was led by Managing Director Gleb Lvovich, Managing Director Bryan Ley and Director Daniel Tyner.
“We are seeing a wide variety of capital targeting grocery-anchored retail along the West Coast,” Lvovich said. “Demand and fundamentals remain strong, especially in key West Coast markets. We expect this to continue, especially if interest rates continue to help investors using leverage.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License No. 01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com