Grocery-Anchored Center in Corona Bought for $28.6 Mil by Ohio Entity

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RENTV.com

Sierra Del Oro Towne Centre, a 110k sf, Ralphs grocery-anchored shopping center in Corona, sold for $28.6 mil, or $260/sf. The property, located at the signalized intersection of Green River Rd and Serfas Club Dr, was acquired by Phillips Edison & Company of Cincinnati, OH.

Built in 1991, Sierra Del Oro Towne Centre shopping center is located on 11 acres at 2621-2721 Green River Rd. Tenants include Ralphs, Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. 

The shopping center was 94% occupied with strong historical tenants and anchors. 88% of the current tenancy has occupied space at the property for more than five years and 70% of the current tenancy has occupied space for over 10 years. 

Pat Kent, Ed Hanley and Corey Olson with Hanley Investment Group represented the seller, Cornerstone Development Partners of Irvine. The buyer represented itself. According to Kent, Ralphs has operated at the center since it was originally constructed in 1991 (26+ years) and executed a five-year extension in 2015. 

“The market for grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange buyers,” said Hanley. “So far, this year, we have seen an increase in the supply as sellers recognize that this is an ideal time to sell. However, there still remains limited properties available similar to the Sierra Del Oro in both size and quality.”