Marketplace Beaumont Shopping Center Sells For $37 Million

BEAUMONT, CA — A group of investors has purchased the Marketplace Beaumont shopping center for $37.5 million, the firm representing the buyers announced.

The sale of the 187,851-square-foot center located on East 2nd Street closed Sept. 27, according to Newport Beach-based JLL Capital Markets. The shopping center comprises eight buildings and is anchored by ALDI, Ross, Best Buy, Petco and Bed Bath & Beyond. There are five drive-thru eateries 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 originally developed the center that opened in 2008, according to JLL, which worked with Brixton Capital to structure financing.

"Marketplace Beaumont has been a strong performer through the pandemic," according to JLL. "It is situated 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 fastest-growing submarkets in Southern California. More than 13,800 new homes have been added since 2018, and there are nearly 24,000 planned or under construction. More than 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 in the rapidly growing area of Beaumont,” said Daniel Tyner, JLL Retail Capital Markets. “The acquisition was attractive due to its strong performance and quality national tenant roster.”

“Big-box retail, along with the shops and pads surrounding it, has performed well through the pandemic, and we are seeing strong demand from both tenants to lease space and investors to enjoy the strong relative yields available in the space,” said Gleb Lvovich, 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.