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10/01/15
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In recent retail investment activity from the Inland Empire, a private investor paid $7.3 mil for Junction Route 66 Plaza, an 18.3k sf ($400/sf) shopping center in the city of Upland. Junction Route 66 Plaza is located at 1610 – 1640 West Foothill Blvd, at the hard signalized corner of West Foothill Blvd and North Benson Ave.
Built in 1998, Junction Route 66 Plaza is a high-profile, multi-tenant shopping center comprised of a synergistic blend of local, regional and national credit tenants. Notable tenants include Carl’s Jr, occupying the outpad, Jiffy Lube and Popeyes Chicken. The sale of Junction Route 66 Plaza marked 17 years since the property last traded.
Josh Rey, Pablo Rodriguez and Richard Vincent, investment specialists in Marcus & Millichap’s Ontario office, represented the seller, an individual/personal trust. Edward Kim of Realtyland Co Inc secured the buyer, an individual.
In the high desert city of Victorville, Metropolitan Plaza, a 21.2k sf, multi-tenant shopping center, sold for $2.25 mil ($106/sf). The property is located at 15080 Seventh St, along the main arterial road serving the city.
The shopping center is fully occupied and consists of 11 service-oriented businesses including a pizza shop, coin-op Laundromat and medical office among others. Many tenants have been in business for at least ten years.
M&M’s Rodriguez and Vincent represented the seller, a partnership.
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