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6/17/15
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Rancho Plaza, an 11.7k sf retail center in Rancho Cucamonga, sold for $6.8 mil ($581/sf). Located at 8678 19th St, the center is adjacent to the heavily traveled I-210 Fwy and directly across from a Vons and Rite Aid anchored neighborhood shopping center.
The fully leased center was built in 2007 and features a mix of national and regional food and service retailers including Starbucks, Juice It Up, Flame Broiler and Western Dental. The center enjoys over 450 feet of unobstructed street frontage visibility and is conveniently located at a signalized corner with a traffic count of over 43,000 cars per day. In addition, Rancho Plaza benefits from strong demographics with over 290,000 people residing in a five-mile radius with an average household income in excess of $85,000.
The Progressive Real Estate Partners broker team of Brad Umansky and Frank Vora, CCIM, represented the buyer, SP Partners LLC, and the seller, Rancho Plaza A CA, in the transaction.
According to Umansky, “Given the center’s superior location, 100% occupancy, newer construction and strong demographics, it’s not surprising that it generated multiple competitive offers and sold in less than 90 days.” Umansky added “This sale is a good representation of the increased demand we are seeing from our clients to acquire well-located, high profile retail properties in Southern California’s Inland Empire market.”
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