TWO MULTI-TENANT RETAIL BUILDINGS AT INLAND EMPIRE SHOPPING CENTER FETCH $5.2 MILLION
Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of two multi-tenant retail buildings at Village Grove Plaza, a Stater Bros. Markets- and Crunch Fitness-anchored shopping center in Corona, California. The sale price was $5.2 million.
Hanley Investment Group’s Executive Vice Presidents Kevin Fryman, Bill Asher and Jeff Lefko, along with President Ed Hanley, represented the seller, a private investment group based in Denver, Colorado. The buyer, a private investor from Corona, California, was represented by Ranhee Im of ANA Capital of Los Angeles.
The Shops at Village Grove Plaza features a freestanding, six-tenant, 9,200-square-foot retail pad building and a two-tenant, 2,400-square-foot shop building adjacent Stater Bros. Markets.
Totaling 11,600-square-feet, the buildings were constructed in 1976 on 0.93 acres at 1240-1282 Border Avenue in Corona and are part of the 56,100-square-foot Village Grove Plaza shopping center anchored by Stater Bros. Markets and Crunch Fitness.
The two buildings included a local tenant mix consisting of dental care, dry cleaners, laundromat, florist, donuts, liquor store, plus hair and nail salons. Village Grove Plaza shopping center sits between two signalized hard corners at Via del Rio and Border Avenue and Via Santiago and Border Avenue. Via del Rio is a connector road to the 91 Freeway, which has 257,000 cars per day.
“We generated multiple offers including two from local buyers that bid up the sales price during one of the most challenging macro-economic environments in the last 10 years due to COVID-19,” said Fryman. “The high level of competitive interest was a testament to the location, grocery anchor and internet-resistant and daily-needs tenant mix. We were able to structure a mutually beneficial closing for both buyer and seller including closing escrow on the 180th day of the buyer’s extended 1031 exchange deadline.”
Fryman continues, “Stater Bros. Markets has operated at this location since 1976 and completing a recent remodel to enhance the store with interior upgrades and updated exterior signage featuring the company’s new logo, were important factors that attracted the buyer to the property. Stater Bros. creates more frequent trips to the center and cross-shopping and visits with the local tenant mix within the shop portion of the property.”
Located adjacent to Orange County, the city of Corona is the third-largest city in the Inland Empire. and has experienced a 27% population increase over the last decade. Currently, there are 194,000 people with an average household income in excess of $103,000 within a five-mile radius of the shopping center. Monster Energy, Zumiez, Jenson Bicycles and Medtronic all have major manufacturing facilities within the city.
In the last six months, Hanley Investment Group has sold $75 million in retail properties in the Inland Empire including a three-tenant shop building and single-tenant Quick Quack Car Wash at the Sprouts-anchored Highland Village Shopping Center in Fontana; a single-tenant Smart & Final Extra! and a four-tenant shop building at the grocery-anchored Eastvale Marketplace Shopping Center in Eastvale; and a two-tenant retail pad building at the Sam’s Club-anchored The Marketplace at Ontario Center in Ontario.
“COVID-19 has had a significant impact on the real estate industry. However, we continue to work with sellers and buyers who are still aggressively looking to source investment opportunities,” Hanley said. “Hanley Investment Group has sold 38 retail properties since COVID-19 was declared a pandemic on March 11. We continue to successfully transact during this historic time in the market and have a steady pipeline of current and future listings along with off-market investment opportunities.”