Rising Equity Brings Optimism to Retail

NEWPORT BEACH, CA—With retail property values back up to 2006/2007 levels, lenders and owners are more positive than they were a few years ago, Philip Voorhees, SVP of CBRE, tells GlobeSt.com. This bodes well for retail investors looking to sell.

As GlobeSt.com reported last week, Voorhees and his team aided in the sale of Rancho Temecula Town Center, a 165,486-square-foot community shopping center in Temecula, CA, for $60 million to Jones Lang LaSalle Income Property Trust, a non-listed, daily valued perpetual-life REIT. The seller wasa partnership between an affiliate of Walton Street Capital LLC, a Chicago-based private equity firm, and Colorado-based Alberta Development Partners. Voorhees says the transaction represented the first sub-6% cap rate for a large grocery-anchored shopping center in the Inland Empire since the recession.