Murrieta Crossings shopping center is a freeway-oriented regional shopping destination located in the heart of the retail hub serving the Temecula and Murrieta Valley. Located at the southeast intersection of Interstate 215 and Los Alamos Rd, it is the most highly visible retail destination situated along Interstate 215 with over 3,000 feet of freeway frontage. Constructed in 2006, Murrieta Crossings was built to the highest of standards with a fresh, contemporary design. It is centrally located, drawing customers from a dense and expansive trade area. Murrieta’s excellent demographic profile boasts average annual incomes of over $90,000 and population growth of 115% since 2000, driving demand for retail and entertainment to all-time highs. This demand is expected to remain strong and likely improve due to near-term projected increases in the supply of single family residential properties in the region. Currently there are 13 active residential developments under construction in the surrounding area that are projected to add an additional 2,100 single-family residential units.
- CIRE purchased the newly constructed 129,500 SF multi-tenant REO asset through a lender facilitated receivership sale significantly below replacement cost in comparison to other newly constructed retail assets in Southern California
- CIRE will immediately benefit from high project occupancy (approximately 90% at acquisition) and steady cash flows with minimal near term rollover
- The property is located adjacent to I-215 Freeway with clear line of site for the approximately 115,000 vehicles traveling past per day