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12/12/17
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A former Kmart-occupied retail property in Colton was recently acquired by an undisclosed 1031 exchange investor from Orange County for $5.35 mil. The 104.2k sf site is located at 1175 South Mount Vernon Ave.
The property is situated adjacent to the 215 Fwy and in close proximity to the 91, 10, 60, and 210 freeways. It is across The Centrepointe Plaza, another successful redevelopment project, and surrounded by discount retailers, which gave the buyer further confidence in the location.
CBRE’s Alan Krueger and Vanessa Haddad represented the seller, Outdoor Food Court LLC, a private investor, in the deal. The Inland Empire property had sat vacant for over 19 years.
“The buyer, who had a tenant in tow, saw this as an opportunity to acquire a value-add project in the Inland Empire,” said Haddad.
Since the beginning of the year, nearly half a million square feet of retail space has been leased in the Inland Empire region. Supermarket chains accounted for nearly one-fourth of the leasing activity, followed by discount retail chains, while small medical tenants also took a significant portion of retail space, according to CBRE research.
The City of Colton recently approved a freeway-adjacent pylon sign the buyer, represented by Alexey Zabolotskikh of Lee & Associates, plans to develop. The freeway-adjacent location and ease of access were among the main selling points for the buyer, who plans to redevelop the site into an RV dealership.
The Inland Empire retail market closed out the first half of 2017 with stable and optimistic fundamentals, further propelling the region forward and earning viability with retail tenants, according to CBRE’s latest report. Inland Empire’s young and vibrant demographic is looking for experience-driven retail concepts, which is compelling companies to view the market in a different way. No longer is it just the more affordable region of Southern California, but now one of the biggest opportunities for retailers looking to expand their markets.
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