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10/11/12
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Foothill Crossing, a 312.3k sf regional power center in Rancho Cucamonga, has been listed for sale with an asking price of $60 mil. The property, located at 12181-12357 Foothill Blvd, just west of I-15, is being marketed by Jeff Conover of Faris Lee Investments on behalf of the seller, Foothill Crossing LLC.
The property is 98 percent occupied and is comprised of a strong national credit tenant lineup anchored by Sears Grand, Total Wine & More, and Office Depot. The center draws from a market area of approximately one million people within a 10-mile radius.
Built in 2004 and 2006, the property sits on just over 31 acres and is located across from Victoria Gardens, a 1.5 msf lifestyle mall anchored by Macy’s, JCPenney, AMC Theaters, and Bass Pro Shops, and is one of the top performing retail centers in California, providing excellent tenant synergy and strong crossover shopping. Foothill Crossing also benefits from unobstructed retail frontage of nearly a half-mile along Interstate 15, and approximately 1,600 feet of frontage along Foothill Boulevard. The average household income is in excess of $89,000 within a five-mile radius.
“This center offers an investor a high 8.26 percent cash-on-cash return starting day-one of ownership,” said Conover. “The intrinsic value of the prime Southern California real estate located off a major freeway on/off ramp in a highly populated retail corridor and pricing below replacement cost of $192 per square foot makes this a secure and stable ownership opportunity that that offers passive returns year over year.”
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