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10/30/18
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A Yorba Linda-based private investor paid $4.05 mil for Shops at Mission Square a 5.9k sf ($686/sf) retail center in Montclair. The property, located at 4467 Mission Blvd, sold above listing price in an all cash transaction with a 10-day due diligence period.
Built in 2007, the fully leased Shops at Mission Square is home to four successful national brands--Panda Express, Little Caesars, Dairy Queen (drive-thru) and Boost Mobile. The well positioned property benefits from a dense trade area with a population of more than 216,000 people with an average household income of $73,207 in a three-mile radius.
Retail sales within three miles are a staggering $1 bil-plus, demonstrating the incredible retail velocity in the trade area. Furthermore, the center enjoys excellent street frontage and is located at a signalized intersection on the highly trafficked Mission Boulevard with visibility to 33,795 cars per day.
Joe Wojdowski of Epsteen & Associates San Diego and Greg Bedell with Progressive Real Estate Partners represented the seller, a private San Diego-based investor. The buyer was repped by Scott Chang of 168 Realty.
“This sale is a perfect example of what we have known for quite some time – listings of newer centers in core markets like SoCal’s Inland Empire, with an internet-resistant, national credit tenant mix, drive high investor demand and results in premium pricing and excellent terms,” commented Bedell. “Additionally there has been a lack of quality smaller multi-tenant centers available in the market making this listing even more desirable to investors”.
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