Phillips Edison Acquires Southern California Shopping Center
The shopping center is anchored by Stater Bros. and CVS Pharmacy. Other tenants at the property include Chuck E. Cheese, Valley Veterinary Clinic, The UPS Store, Pizza Huge and Jack in the Box.
MURRIETA, CA—REIT Phillips Edison & Co. of Cincinnati has added the 80,259-square-foot Sierra Vista Plaza shopping center here to its portfolio.
The shopping center is anchored by Stater Bros. and CVS Pharmacy. Other tenants at the property include Chuck E. Cheese, Valley Veterinary Clinic, The UPS Store, Pizza Huge and Jack in the Box.
Brokerage firm HFF represented the seller in the transaction. The HFF investment advisory team was led by managing director Bryan Ley, managing director Gleb Lvovich, director Justin Kundrak and associate Tony Ensbury. No financial terms of the transaction were released.
“The sale of Sierra Vista Plaza represented the continued strong demand from investors for value-add grocery-anchored centers in Southern California,” Ley says.
“The Inland Empire and communities like Murrieta continue to grow and provide great relative value in Southern California,” Lvovich adds.
Sierra Vista Plaza is located in south Riverside County about 40 miles from the San Diego metro coastal cities, 50 miles from Orange County and 80 miles from Los Angeles. The eight-acre property at 25030-25100 Hancock St. that is adjacent to Interstate 215 and visible to more than 95,000 cars per day.