Brixton Capital based in Solana Beach has sold a Morena Valley shopping center to an undisclosed buyer for $50 million.
The 290,000 square-foot Towngate Center, 12625 Frederick St., was 95 percent leased at the time of the sale.
Tenants include TJ Maxx/Home Goods, BevMo!, Ross Dress for Less, Dollar Tree, ULTA, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank.
“Towngate was an excellent example of the effectiveness of Brixton’s fully integrated operations platform and our ability to successfully identify and execute on value-add components in stabilized assets,” said Brixton CEO Travis King.
Brixton was represented by CBRE’s National Retail Partners-West, led by Vice Chairman Philip D. Voorhees.
Real estate reporter Ray Huard may be reached at rhuard@sdbj.com or 858-277-8904.
