LUCESCU REALTY Announces Sale of Jess Ranch Marketplace in Apple Valley (Inland Empire), CA for $89.0 Million

August 02 17:34 2019
LUCESCU REALTY Announces Sale of Jess Ranch Marketplace in Apple Valley (Inland Empire), CA for $89.0 Million

NEWPORT BEACH, CALIF. – Aug 2, 2019 – Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of of Jess Ranch Marketplace in Apple Valley (Inland Empire), California for a total consideration of $89.0 Million. LUCESCU REALTY exclusively represented the interests of the seller, Weingarten Realty, and procured the buyer. Weingarten Realty (NYSE: WRI), headquartered in Houston, TX, is one of the nation’s premier real estate investment trusts (REIT). The Company owns, manages, acquires, develops and redevelops strategically located neighborhood and community shopping centers in major metropolitan markets across the United States. The Buyer was a privately held Investment, Development and Management Company, headquartered in Newport Beach, California.

The sale included  the Grocery, Lifestyle and Entertainment portions of Jess Ranch Marketplace, a 704,927 square foot Premier, Institutional Grade, Community Shopping Center, anchored by Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and Ulta. Target, which recently completed a store remodel, along with Winco Foods, Staples and 99 Cents Only Stores, were not a part of the sale. The blue-chip tenant roster also included Famous Footwear, Kirkland’s Home, Buffalo Wild Wings, Bank of America, Red Robin, Western Dental, CareMore, Banner Mattress, rue21, Carter’s, Denny’s, Verizon Wireless, Massage Envy, Sprint, OshKosh B’gosh, Jack in the Box, Chipotle, CareMore’s Nifty After Fifty, AT&T, GNC, Golden Chopstix, Jersey Mike’s, The Flame Broiler & MetroPCS. The Property is more than 98% leased, and more than 90% of the leased GLA is occupied by Regional and National tenants. The center has a dominant market position, with more than 1.1 Million Square Feet of GLA at the intersection, making it one of the largest and most dominant open-air shopping centers within the entire Inland Empire (Riverside / San Bernardino MSA) trade area.

“It’s an institutional-quality center; one of the most dominant and successful centers within the entire MSA with a blue chip tenant roster, high grossing anchors and shops, an infill location, and high barriers of entry,” noted Lucescu. “Weingarten did a great job of developing, managing and leasing the center and the Buyer should continue that success.”

According to Lucescu in discussing the latest market trends, “We expect Shopping Centers posting strong gross sales to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition to urban areas in gateway cities we also anticipate properties with similar fundamentals in the higher growth markets throughout the western U.S. to continue to be highly sought after as well.”

LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, property / asset management, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year.

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