APPLE VALLEY, Calif. (VVNG.com) — On August 2, 2019, Lucescu Realty announced the sale of the Jess Ranch Marketplace in Apple Valley for $89.0 Million.
Lucescu Realty represented the seller, Weingarten Realty, and produced the buyer, a privately held Investment, Development and Management Company headquartered in Newport Beach.
The sale included the grocery, lifestyle and entertainment portions of the 704,927-square-foot shopping center located along the 19000 block of Bear Valley Road.
“It’s an institutional-quality center; one of the most dominant and successful centers within the entire MSA with a blue chip tenant roster, high grossing anchors and shops, an infill location, and high barriers of entry,” stated company President Mark Lucescu.
The shopping center is anchored by stores like 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.
The property is more than 98% leased, and more than 90% of the leased GLA is occupied by Regional and National tenants.
Target, which recently completed a store remodel, along with Winco Foods, Staples and 99 Cents Only Stores, were not a part of the sale.
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients.