IRA Capital Acquires Lakeside Retail Center in Moreno Valley, CA
An affiliate of Newport Beach-based IRA Capital “IRA” has completed the acquisition of Lakeside Terrace in Moreno Valley, CA. The 57,000-square-foot retail center was purchased for approximately $13.9MM. Lakeside Terrace sits on 6.68 acres and is anchored by CVS, McDonald’s, Chase bank, and Dollar Tree. The retail center was purchased from the Lender who foreclosed on the property in 2011. Lakeside Terrace is currently 86.4% occupied with 55.1% of total revenue generated from investment-grade tenants.
The site boasts excellent visibility and access from both Iris Avenue and Lasalle Street with traffic counts in excess of 44,000 vehicles. Lakeside Terrace is located in a dominant retail corridor with over 135,000 residents within a 3-mile radius. As of Q1 2012, the Moreno Valley submarket had an average occupancy rate of 92.1% and projected to reach 94.2% by 2016 according to REIS research.
IRA Capital is a privately-held commercial real estate investment and management company with a diverse portfolio of commercial real estate holdings throughout the United States. IRA acquires core, core-plus, and value-added real estate for its own accounts and on behalf of its partners, which include high net-worth individuals, family offices, opportunity funds, and institutions. IRA’s principals have built a strong track record in executing more than $3 Billion in transactions across all product types.