Voorhees and his team represented seller Marketplace Properties in the sale of the retail center to a family trust as a replacement property completing a 1031 exchange. Marketplace Properties was also the developer of the center.
Voorhees observes that, as recently as five years ago, "It would have been hard to imagine even the finest neighborhood shopping center selling for more than $300 per sf in Los Angeles or Orange counties, let alone the Inland Empire." He adds that investors are now viewing some Inland Empire purchases on a par with similar projects in Los Angeles County.
The Winery Estate Marketplace is anchored by Henry's Marketplace and is noted for its original design, which complements the adjacent Joseph Filippi Winery. Voorhees says that surpassing the price of $500 per sf on a transaction of this size "is a testament to the quality of the project and also to depth of the retail investor base in Southern California." Prices of $500 per sf and higher are "typically the domain of new strip centers in the $3 million to $6 million range," he explains.
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