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2/08/17
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A 64k sf retail center in Ontario traded hands in a recent $3.2 mil ($50/sf), all-cash transaction. The property, located at 404-426 N. Euclid Ave, spans nearly an entire city block in the city’s downtown.
With a 62% vacancy rate at the time of sale, the center represented a rare value-added opportunity to reposition the project to reflect today’s retail landscape and create significant upside potential. The center is anchored by Secoya Market, an independent neighborhood grocer, and also includes Papa John’s Pizza and a Wells Fargo ATM with three drive-thrus. Built in the 1960s, the building has numerous challenges due to the age of the structure and existing space configurations.
Located one block from Ontario Town Square, which is the hub of Ontario’s downtown activity, the center is in walking distance of both Ontario City Hall and the Public Library. The property also features excellent visibility with over 300 feet of street frontage along Euclid Ave and it’s located at a busy signalized intersection with visibility to over 28,000 cars per day.
Frank Vora, CCIM, Mike Lin, MBA and Pablo Velasco with Progressive Real Estate Partners represented the seller, a private investor based in New York. The buyer, the City of Ontario, was repped by Paul Galmarini, also with Progressive.
“Despite the building’s age and condition, the center’s high profile location and upside potential made it very desirable to a large pool of buyers and the listing generated multiple full price all cash offers,” according to Lin, retail specialist at Progressive Real Estate Partners.
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