Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAKE ELSINORE, CA-Eastbourne Investments Ltd. of Williamsville, N.Y. has sold the Lake Elsinore Town Center, a 150,200-sf community center that Eastbourne acquired in August 1999.

Terms of the deal were not disclosed, but knowledgeable industry sources say the property sold for between $11 million and $12 million to a private individual.

The shopping center is shadow-anchored by Albertson’s and anchored by California Do-it Center, Rite Aid, and Renal Treatment Centers-California. Frank Egan, president of Eastbourne, tells GlobeSt.com that the center was about 80% occupied when Eastbourne acquired it. The center was built in 1987.

Egan tells GlobeSt.com that Eastbourne increased occupancy to 88% at the time of the sale and boosted rents by about 30%. The sale was brokered by Alan Krueger and Joe Cesta of Marcus & Millichap’s Ontario, Calif. office.

Eastbourne is a privately held real estate company with 13 properties under ownership in six states. Egan says the company is aggressively seeking anchored retail opportunities and/or retail development opportunities throughout the United States.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.