TOWN CENTER A VALUE-ADD 335,000 SF COMMUNITY CENTER IN AN AFFLUENT SOUTHERN CALIFORNIA LOCATION
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TOW N C E N T E R
A VALUE-ADD 335,000 SF COMMUNITY CENTER IN AN
AFFLUENT SOUTHERN CALIFORNIA LOCATION
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker
licensed with the California Department of Real Estate, California License Number 01385740.
TOW N C E N T E R
The Opportunity
HFF is pleased to offer the opportunity to acquire Murrieta Town
Center Shopping Center (the “Property”), a value-add 334,939
square-foot community center located in the highly affluent
Southern California community of Murrieta. Currently 81% leased,
the Property is anchored by Burlington, Rite Aid, Ross, Marshalls,
Famous Footwear, Dollar Tree, and Sizzler as well as a synergistic
mix of quick service restaurants and necessity retail. Murrieta Town
Center offers investors the chance to acquire a well-located retail
center with premier national credit tenancy and significant value
enhancement opportunity through the lease up of available space
and future redevelopment potential.
Property Summary
Address:
39815-39885 Alta Murrieta Drive &
40461-40489 Murrieta Hot Springs Road
Murrieta, CA 92563
Occupancy: 81.0% (including pending lease)
Owned GLA: 334,939 sf
Site Size: 32.47 acres
Parking: 2,037 spaces (6.08 per 1,000 sf)
Year Built: 1990
Traffic Count: Over 91,000 cars per day (I-215)
Frontage: Over 2,000 feet of direct freeway frontage
2
TENANT SIZE LEASE EXP.
Burlington 77,279 Apr-19
Toys R Us (NAP) 45,378 Oct-41
Rite Aid 27,465 Sep-20
Ross 26,250 Jan-26
Marshalls 21,000 Nov-26
Dollar Tree 10,296 Sep-20
Sizzler 8,000 Dec-20
Famous Footwear 6,502 Nov-26
Del Taco 1,872 Apr-19
Investment Highlights
INCOME SECURITY with more than 64% of the Property’s
GLA leased to national credit tenants.
(through 2027) (through 2026)
(through 2026)
STABLE IN-PLACE CASH FLOW provides attractive
leveraged double-digit current yields with several value creation
opportunities to enhance returns going forward.
RECENT LEASING MOMENTUM at the Property with 4 new leases totaling over
32,000 square feet executed in the last 12 months. The center has recently added
Marshalls, Famous Footwear and Miracle Ear, confirming the center as a dominant
location for national names.
FUTURE REDEVELOPMENT OPPORTUNITY for the 32.5 acre site located in the
heart of Murrieta’s commercial corridor. Exceptional freeway accessibility, an attractive
basis, and the development-friendly municipality all make this asset an excellent covered
land play with current cash flow and upside through future redevelopment potential.
IMMEDATE VALUE CREATION OPPORTUNITY through the lease up of available
space, the ability to add future pad sites and additional GLA, and increasing existing
tenants to market rents.
STRATEGICALLY LOCATED at the intersection of Interstate 215 (over 91,000 cars
per day) and Murrieta Hot Springs Road (over 74,800 cars per day), one of the busiest
thoroughfares in the trade area. The Property is directly across the street from the
Rancho Springs Medical Center (252-bed Regional Hospital), Walgreens and a DICK’S
Sporting Goods and Sam’s Club anchored shopping center.
NOI
NOI GROWTH
GROWTH
NOI GROWTH $6,000,000
69% Growth
OF MORE $5,000,000
THAN $4,000,000
69%
$3,000,000
$2,000,000
$1,000,000
Over the next 10 Years $0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
NOI
4
PROMINENT FREEWAY VISIBILITY with over 2,000 square feet of frontage and two
70% OF LEASED
large pylon signs on Interstate 215 in addition to direct freeway on and off ramp access to
91,000+ vehicles per day.
GLA OCCUPIED
AFFLUENT TRADE AREA with average household incomes exceeding $103,000 in
the City of Murrieta.
EXCEPTIONAL POPULATION GROWTH in Murrieta where the population has more
than doubled since 2000. Population growth over the next 4 years is expected to be over
BY NATIONAL
RETAILERS
8%.
EXPLOSIVE RESIDENTIAL DEVELOPMENT with more than 3,600 residential units
planned, under construction, or in lease-up/sell-out in the city of Murrieta.
DEMOGRAPHICS 1-MILE RADIUS 3-MILE RADIUS 5-MILE RADIUS
2016 Population 14,254 104,149 190,664
Population Growth 2016 - 2021 5.78% 8.63% 8.35%
2016 Est. Average Household Income $76,725 $83,588 $88,679
SIERRA VISTA PLAZA
RANCHO
LAS BRISAS
APARTMENTS OVER 32,500
(200 UNITS)
HOMES AND 113,000
RESIDENTS WITHIN A
3-MILE RADIUS OF THE
SILVERADO
LUXURY
CROSSROADS
CORPORATE CENTER UNIVERSITY OF
PROPERTY
APARTMENTS (75,000+ SF) PHOENIX )
(492 UNITS)
VPD
0
1,00
9
1 5(
I-2
2,000 FEET
RANCHO SPRINGS OF FREEWAY
MEDICAL CENTER FRONTAGE
(252-BED REGIONAL
(NAP)
HOSPITAL)
TOW N C E N T E R
DIRECT
FREEWAY
ACCESS - ON/
OFF RAMP
DIRECT OFF M U R R I E TA H O
RAMP
TSPRINGS R O A D ( 74 , 8 0 0
C P D)
6
1-A02 1-A01
2-B03
4
B0
2-
8
B0
2- 09
B 1
2- 0/1
Murrieta, CA Overview
-B1
215
2
15
4/
B1
2-
9
B1
Affluent Demographics 2- 20
2-
B
The City of Murrieta boasts an average household income in
excess of $103,000, almost double the national average.
Ideal Location
2-H01
Proximity to major southern California employment centers:
5
0
»» San Diego (+/-40 miles)
C
2-
NAP
»» Orange County (+/-50 miles)
1
D0
2-
»» Los Angeles (+/-80 miles) 2-G01
(NAP)
Health and Life Sciences Industries
Providing an economic foundation and creating jobs
»» Loma Linda University Medical Center employs over
ALT
9,000 people
A
2-F01
»» Brand new Kaiser Permanente Hospital Under
MURR
Construction - 854,000 SF, 254-bed regional hospital
IETA DR
»» Rancho Springs Medical Center located less than 1-mile LEGEND
from the Property - 252-bed regional hospital AVAILABLE
»» Top life sciences and health technology companies 1-E0A
OCCUPIED
including Abbott Vascular and Golden West Biologics 1-E0B
are based in Murrieta and Temecula 1-E0C
1-D01
Desirable Quality of Life Location
215
Murrieta, CA boasts an attractive lifestyle, excellent
1-G03
1-G04
1-D06
school system, and quality housing that is affordable 1-D08/09
relative to expensive coastal markets.
»» Excellent School System – 97%+ Graduation Rate at
Murrieta High Schools 1-C01
1-01
»» Murrieta was ranked as the #2 safest city in America by
1-B06
1-B05
1-B02
the FBI and USA Today
1-J01
1-A01
MURRIETA HOT SPRIN
GS RD
TOW N C E N T E R
Investment Advisors Debt Advisor
BRYAN LEY GLEB LVOVICH STEVEN PASKOVER
Managing Director Managing Director Associate Director
310.407.2120 949.798.4115 310.407.2134
bley@hfflp.com glvovich@hfflp.com spaskover@hfflp.com
CA License #01458927 CA License #01496699 CA License #01936051
Local Leasing Contact
JUSTIN KUNDRAK BRENNAN WISE BRIAN BIELATOWICZ
Associate Real Estate Analyst Lee & Associates
310.407.2145 310.407.2180 951.445.4515
jkundrak@hfflp.com bwise@hfflp.com bbielatowicz@lee-associates.com
CA License #01994398 CA License #02021893 CA License #1269887
HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other
than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness
of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained
herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees
and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those
results. The information contained herein is subject to change.
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