Sales of Underperforming Retail Tally $40M

SAN JACINTO, CA-The sales of four shopping centers here and in other Riverside County cities for an aggregate of $40 million show buyers being drawn to the Inland Empire by underperforming properties with growth potential, according to a Grubb & Ellis brokerage team that has been involved in the four deals. Michelle Schierberl, senior vice president in the Institutional Capital Markets at Grubb & Ellis, explains that, “In every case, the centers we’ve represented the seller on were underperforming with high vacancies that never reached stabilization.” Each of these “is well positioned to acquire tenants and for growth once the market returns,” Schierberl says. She describes such properties as ” an excellent opportunity for the savvy investor with a good understanding of retail.”

Schierberl and associate Donald Ellis represented the sellers in the sales of the 56,473-square-foot San Jacinto Esplanade, the 68,749-square-foot Temecula Creek, the 74,208-square-foot Moreno Beach Plaza Phase II and the 94,574-square-foot Moreno Marketplace.