NEWPORT BEACH, CA—With retail property values back up to 2006/2007 levels, lenders and owners are more positive than they were a few years ago, Philip Voorhees, SVP of CBRE, tells This bodes well for retail investors looking to sell.

As reported last week, Voorhees and his team aided in the sale of Rancho Temecula Town Center, a 165,486-square-foot community shopping center in Temecula, CA, for $60 million to Jones Lang LaSalle Income Property Trust, a non-listed, daily valued perpetual-life REIT. The seller wasa partnership between an affiliate of Walton Street Capital LLC, a Chicago-based private equity firm, and Colorado-based Alberta Development Partners. Voorhees says the transaction represented the first sub-6% cap rate for a large grocery-anchored shopping center in the Inland Empire since the recession.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.