Retail Appetite Picks Up in Inland Empire

A private investor has acquired two retail shopping centers for $35.6 million in a 1031 exchange deal. The buyer traded out of an asset in Hollywood, and saw upside in the Inland Empire market, which has seen strong population growth in the last few years.

The two shopping centers include the 124,431-square-foot Menifee Town Center, located at 30121-30187 Antelope Rd. in Menifee, and the 33,416-square-foot Barn at Wildomar, located at 32395 Clinton Keith Road in Wildomar.

CBRE’s Fred Aframian represented the buyer in the deal.