Lewis Markets Terra Vista Parcels

The listing is unusual in that the center might ordinarily be marketed as a single property, but Phil Voorhees of CBRE tells GlobeSt.com that demand from smaller and medium-sized investors is so strong, especially among 1031 Exchange buyers, that CBRE saw an opportunity to broaden the market by dividing the center into separate parcels. Voorhees and Rick Strack of CBRE are marketing the property on behalf of the Lewis Cos.

The sale is unusual, too, in that Lewis is mainly a long-term holder. "We probably sell a property every year or two," Randall Lewis tells GlobeSt.com. He says the company chose to sell the Terra Vista center in view of "the tremendous investor interest in strong retail properties of all sizes." The sale will still leave Lewis with plenty of holdings and plenty more to come in Rancho Cucamonga, where Lewis is about to start a number of residential and commercial projects, and also has its eyes on some raw land deals, Lewis says.

"We're extremely bullish on Rancho Cucamonga," he tells GlobeSt.com, noting that Lewis is a partner with Cleveland-based Forest City in developing the new Victoria Gardens center in the city. The Terra Vista center had already been split to some extent in that several of the tenants had bought their own pads. "The brokers tell us there is so much investment interest now from small and medium-sized investors that we decided to split it to offer a greater opportunity to a wider range of purchasers," Lewis says.