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7/06/16
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Centrepointe Plaza, a 109k sf shopping center in Colton, CA, traded hands for $22 mil ($202/sf) in a recent sale. The property is located at 1040 S Mt Vernon Ave, south of I-10 and just west of I-215.
Originally constructed in 1992, Centrepointe Plaza was purchased as a value-add center investment. It is centrally located in the Inland Empire along the 215 freeway in a major retail arterial area servicing both San Bernardino and Riverside County cities.
The center is shadow-anchored by a Super Wal-Mart. Existing tenants include Ross Dress for Less, 99 Cent Only, Carl’s Jr, Wendy’s, Denny’s, and El Pollo Loco among others.
The buyer, Centrepointe - JMYL LP, was represented by Mario Alvarez with NAI Capital and Jack Lee with JMYL LP Development. The seller, Chicago-based Centrepointe Plaza LP, was repped by Jamie Harrison with Lee & Associates. Financing for the project was provided by NorthStar Realty Finance in conjunction with Wilemon & Associates and JB Resources.
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