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May 31, 2020
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Investor Pays $429/sf for Multi-Tenant Pad Building in Fontana


A private investor from NoCal paid $3.86 mil for a 9k sf ($429/sf), multi-tenant pad building in Fontana. The property is located at 13451 Baseline Ave, adjacent to the I-15 Fwy on/off-ramp at Baseline.

Built in 2002 on 0.53 acres, the 100%-occupied, six-tenant building features tenants Rosa Maria’s Mexican Restaurant, a hair and beauty salon, nail salon, barbershop, and a convenience/liquor store. Credit tenants in the immediate trade area include Starbucks, Jack in the Box, Denny’s, KinderCare, Vons, Wells Fargo, AutoZone, Wendy’s, Panda Express, US Bank, Logan’s Roadhouse, KFC, and Chase Bank.

Eric Wohl and Andrew Cunningham with Hanley Investment Group Real Estate Advisors represented the seller, Pacific Development Group of Newport Beach. Pacific Development Group has been responsible for the development of over 300 shopping centers ranging from small strip centers to large 1 msf community shopping centers. The buyer was repped by Allen Dieu of GD Commercial Real Estate Inc, of Milpitas. The buyer was in a 1031 exchange trading out of a residential property. We’re told that the sale achieved the lowest cap rate and highest price per square foot for a retail strip center consisting of local credit tenants in San Bernardino County.

According to Wohl, 73% of the tenants have occupied the property for 15+ years and all tenants have between 3% to 10% annual rent increases, providing an ideal hedge against inflation. The tenants also have staggered lease expirations, which minimizes the property owner’s exposure to tenant turnover.

“This is a quality Inland Empire location with a strong operating history. The property benefits from high traffic counts and dense, affluent demographics and significant projected population growth,” said Wohl. “It is positioned directly on Baseline Ave at the I-15 on/off ramp, which is expected to see an increase of 250-300% in traffic flow over the coming years. By 2021, the one-mile population is expected to increase by 20%. Currently, there are more than 118,000 people within a three-mile radius and an average household income in excess of $110,000 within a one-mile radius.”

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