Marketplace Beaumont mall sells for $ 37 million
BEAUMONT, CA – A group of investors have purchased the Marketplace Beaumont shopping center for $ 37.5 million, the firm representing the buyers said.
The sale of the 187,851 square foot center on East 2nd Street closed on September 27, according to Newport Beach-based JLL Capital Markets. The mall comprises eight buildings and is anchored by ALDI, Ross, Best Buy, Petco and Bed Bath & Beyond. There are five drive-through restaurants occupied by Starbucks, Taco Bell and others.
According to JLL, the center is 91 percent leased.
The seller was a private family trust; the family initially developed the center which opened in 2008, according to JLL, who worked with Brixton Capital to structure the funding.
“The Beaumont market performed very well during the pandemic,” according to JLL. “It is located on 51.77 acres at 1604, 1693 and 1642 E. Second St. in Beaumont, a Riverside County community east of Los Angeles that is one of the growing submarkets Southern California’s fastest. More than 13,800 new homes have been added since 2018, and there are nearly 24,000 planned or under construction. Over 80,300 residents earning an average annual household income of 82,236 $ live within a three mile radius of the property.
“Marketplace Beaumont is the dominant center of the rapidly growing Beaumont region,” said Daniel Tyner, JLL Retail Capital Markets. “The acquisition was attractive due to its strong performance and its list of quality national tenants.
“Big box retail, along with the stores and areas around it, have performed well during the pandemic, and we are seeing strong demand from both tenants to rent space and investors to take advantage of the forts. relative returns available in the space, ”said Gleb Lvovitch, JLL Retail Capital Markets.
Tyner and Lvovich represented the buyer.
The JLL Debt Advisory team representing the seller was led by Senior Managing Director Aldon Cole and Managing Director Pat Burger.