TEMECULA, CALIF. — Jones Lang LaSalle Income Property Trust has acquired Rancho Temecula Town Center, a 165,000-square-foot, grocery-anchored neighborhood shopping center in Temecula, for about $60 million. The center is located at 39540 Winchester Road.
The property is 93 percent leased to 26 tenants. Its four anchor tenants include Sprouts Farmers Market, LA Fitness, Rite Aid and BevMo!. These tenants generate 54 percent of the center’s revenue. They have a weighted average lease term of nearly nine years.
The acquisition was financed at about 50 percent loan to value with a fixed interest rate loan of 4 percent for 12 years.
Jones Lang LaSalle Income Property Trust is an institutionally managed, non-listed, daily valued perpetual life REIT. This is the REIT’s third grocery-anchored shopping center acquisition in the past nine months. It recently acquired Oak Grove Plaza near Dallas and Grand Lakes Market Place near Houston, Tex.