Passco Cos. Acquires Value-Add Shopping Center in Corona for $17M
CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $17 million. A retail brokerage team led by Dixie Walker and Charley Simpson of Cushman & Wakefield’s Irvine office represented the seller, a private investor, in the transaction.
Located at 1181-1199 Magnolia Ave. and built in 1983, Passco plans to modernize the property through a series of renovations and capital improvements. Planned renovations include redesigning the landscaping and updating the façades throughout the center, as well as adding a social gathering, outdoor dining and seating areas.
The center is 93.5 percent leased to 19 tenants including CVS Pharmacy, Citibank, Carl’s Jr., Wells Fargo, H&R Block, the UPS Store, County of Riverside and Metro PCS.
Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco through Fannie Mae.