JLL Completes $ 37.5 Million Sale of California Center, Says Big Box Retail is Strong
A private family trust that developed the Beaumont Marketplace in the Inland Empire east of Los Angeles in 2008 sold it for $ 37.5 million in a marketplace where investors pay maximum prices for viable retail centers in strong markets.
Brixton Capital went on to bid for the 187,851-sq.-ft. Shopping center anchored by Aldi, Ross, Best Buy, Petco and Bed Bath & Beyond. The eight buildings that make up Marketplace Beaumont contain five drive-thru pads that investors are looking for after the pandemic.
“The capitalization the acquisition is pursuing shows the available appetite for high quality retail real estate,” said Pat Burger, managing director of the JLL Debt Advisory Team
Marketplace Beaumont is located in the city of Beaumont in Riverside County, one of the fastest growing submarkets in Southern California. More than 13,800 new apartments have been added since 2018, and more than 20,000 are planned or under construction. More than 80,000 residents with household incomes of US $ 82,236 live within three miles of the property.
“Big box retail, along with the surrounding shops and pads, performed well during the pandemic and we are seeing strong demand from both tenants for space and investors to enjoy the strong relative returns available in the space “Said Gleb Lvovich General Manager of the JLL Retail Capital Markets team, which represented the buyer.
Although part of the Greater Los Angeles Metro, the Inland Empire, which also includes the desert communities of Coachella and Victor Valley, is larger than 10 US states, including Massachusetts, New Jersey, West Virginia, and Maryland.
