In a recent Inland Empire retail sales comp, a Santa Ana-based private investor paid $5.575 mil for Hemet Plaza, a 58k sf ($96/sf) shopping center in Riverside County. Hemet Plaza is located on 4.55 acres at 1911-2095 Florida Ave in Hemet, at the hard-corner signalized intersection of Florida Ave and Yale St.
The six-building retail center, which was built in 1985, was 71% occupied at the time of the sale. In addition to anchors Big Lots (NAP) and True Value, Hemet Plaza includes other national tenants such as Farmers Insurance, Jackson Hewitt Tax Services, Rent-A-Center, Metro PCS, and US Postal Service.
Pat Kent of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, a private investor out of Tuscon, AZ, in the sale. The transaction came in a ta cap rate of 6.3%.
“The property was offered at below replacement cost and will provide the buyer the possibility to increase the center’s all-cash yield with additional lease up. Part of the available space includes a separately parceled 3.8k sf, freestanding pad building with a double-car drive thru,” said Kent.