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10/19/16
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A 97.1k sf mixed-use property in Ontario sold for $23.95 mil, or $247/sf. The retail and service center is located at 2403 - 2455 S. Vineyard Ave, on both the north and south sides of the 60 Fwy.
Tenants at the property include a Pep Boys, Carl's Jr, a DaVita Dialysis Center, Flame Broiler, Subway, Tarbell Realty, Brandon's Diner and a Check ‘n Go.
CBRE’s Alan Krueger represented, the buyer, an unnamed private investor. The seller, Upper Indicator LLC and Vineyard Village Group LLC, a private investment partnership, represented themselves in the sale.
“Well located retail centers in solid demographic infill areas are in high demand,” said Krueger. “It’s one of the reasons this property sold at a low capitalization rate of below 6 percent.”
Retail demand in the Inland Empire has been growing strong. By the end of 2011, retail sales had increased 8.6 percent in two years in the area due to gains in total employment. Rising consumer confidence and spending as well as personal income growth in the area have also helped decrease retail vacancy rates and have made retail investments in the Inland Empire very attractive.
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