Buyer Madison Marketplace SA LLC was represented in the recent transaction by BFG Investment Co. and Coldwell Banker Commercial–North County Properties. Ronald Beck of Coldwell Banker Commercial–Towne Centre acted on behalf of seller Madison Marketplace II LLC.
Encompassing 53,000 sf, the retail complex is located on the 2500 block of Madison Avenue. Recently constructed, the property is anchored by an Ashley Furniture store.
With a burgeoning residential base driving retail construction in regions throughout the Inland Empire, Murrieta is one such city that is ripe for additional development. The city, which has an average annual population growth of 8.9%, tripled in size between 1990 and 2003. City officials say Murrieta is the sixth most populous city in Riverside County, with nearly 70,000 people residing here as of 2003.
Murrieta also boasts some favorable demographics, recording a median household income of $65,900 in the US Census 2000. "Households in Murrieta enjoy a median income that is significantly above the trade area," according to November 2002 research by the Sedway Group. "The median household income for Murrieta is more than $60,000, as compared to $42,000 for the region."
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