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Murrieta Shopping Center Sells for $16.6 Million

According to a news release announcing the sale, the Inland Empire retail market is continuing to show positive signs of recovery.

As perhaps another sign that local real estate is rebounding, a large retail center recently sold for $16.5 million-- showing a 75 percent increase in value in two years' time, experts say.

"Murrieta Crossing," located at 39700 Avenida Acacias right off Interstate 215, sold at the end of March, according to a representative for Wilson Commercial Real Estate, which brokered the deal.

"Our leasing team was able to reposition the asset, taking it from 16 percent to 91 percent occupancy during the past two years," said Shauna Mattis, Senior Vice President of WCRE.  "As a result of our leasing efforts we were able to increase the property's value from $9.3 million to $16.5 million."

The 230,000 square-foot complex currently houses Ace's Comedy, Anti-Gravity, Easy-Life Furniture, Mor Furniture and Sit'n Sleep.  It also contains Miguel's Jr. Mexican Restaurant and In-n-Out.

According to a news release announcing the sale, the Inland Empire retail market is continuing to show positive signs of recovery.

"2013 End-of-Year market studies report a total vacancy rate in the IE of just over 10% (10.1%) and average asking rent for all retail space of $22.80 sf up more than $5.51sf over the preceding six months," the release states.  "Over two million square feet of big box retail space was absorbed in the market from 2012-2013."



John Kirk De Ritis May 11, 2014 at 08:00 AM
Did anyone ever go into plummers ? #ghost town
Diego Commuter May 14, 2014 at 10:20 AM
Temecula has theirs too... even attracts the homeless... https://www.youtube.com/watch?v=Se3cjXYK82c
Michael May 16, 2014 at 10:15 PM
I never see anybody inside the furniture stores or sit-in-sleep.How do they stay in business?
Alan Maretsky May 21, 2014 at 01:40 AM
What they didn't mention is that the center was dying because it was zoned initially so only store selling furniture or furniture related items could lease. Once that ridiculous provision was lifted the center came to life.

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