Weingarten Realty Sells Jess Ranch Marketplace in the Inland Empire for $89M
APPLE VALLEY, CALIF. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, Calif.-based, privately held investment, development and management company acquired the asset for $89 million.
The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. Target, Winco Foods, Staples and 99 Cents Only Stores were not included in the sale.
At the time of sale, the property was more than 98 percent leased, with more than 90 percent of the leased gross leasable area occupied by regional and national tenants. Additional tenants include Famous Footwear, Kirkland’s Home, Buffalo Wild Wings, Bank of America, Red Robin Gourmet Burgers and Brews, Western Dental, CareMore, Banner Mattress, rue21, Carter’s, Denny’s, Verizon Wireless, Massage Envy, Sprint, OshKosh B’gosh, Jack in the Box, Chipotle, CareMore’s Nifty After Fifty, AT&T, GNC, Golden Chopstix, Jersey Mike’s Subs, The Flame Broiler and MetroPCS.
Lucescu Realty represented the seller and procured the buyer in the transaction.