Newport Beach, Calif. (November 9, 2021) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $9.55 million sale of Shops at KPC Towne Centre located at 2375 – 2465 W. Florida Avenue in Hemet, Calif. Situated on two acres, the fully occupied three-building property totals 20,167 square feet and includes eight tenants. This sale marks one of the highest priced retail centers sold in the City of Hemet (Inland Empire) in more than five years.
SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther and Associate Max Sabino represented the seller and original developer, a private family trust based in Southern California. The buyer, a Los Angeles-based private investor was represented by Jason Paukovits of Dream Realty Asset Management.
“This property offered the buyer a strong mix of ecommerce-resistant tenants and a hard corner, highly visible location with a strong line up of food and service uses, including Chipotle, T-Mobile, Chuck E Cheese, and Dominos, among others,” said Mousavi. “We marketed this well-located, pad to this Sprouts-anchored shopping center to our network of investors and brokers, securing multiple offers and achieving a great result for both parties.”
Built in 1995 and remodeled in 2004, the highly visible property is situated at the signalized intersection of W. Florida Avenue/State Highway 74 and Kirby Street. The property is an outparcel to KPC Towne Center which includes Spouts, Burlington, and Regal Cinemas.
Year-to-date, SRS’ National Net Lease Group (NNLG) has completed more than 580 transactions valued in excess of $1.8 billion and has in excess of $2.0 billion in property on the market.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 26 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2020, the group completed more than 550 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.