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8/30/16
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A 127k sf, former Walmart building in the Inland Empire city of Perris sold for $4.05 mil ($32/sf) in an all-cash transaction. The buyer was a California-based private family investment entity.
The building, located at 2560 North Perris Blvd, is part of the well-established 292k sf Spectrum Shopping Center. Tenants at the center include Cardenas, Dollar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource.
Built in 1991, the building is easily divisible, has excellent pylon signage and ample parking with approximately 750 parking spaces. It is zoned community commercial allowing for a variety of retail uses which was a key selling point.
Located off the 215 Fwy at the signalized intersection of N. Perris Blvd and Orange Ave, the Spectrum Shopping Center is on a major retail thoroughfare with excellent visibility to 34,000 cars per day. The property is also directly adjacent to the proposed 1800-unit Harvest Landing residential community and a 228-unit apartment complex.
Greg Bedell and Paul Galmarini of Progressive Real Estate Partners, along with Townsand Cropsey of SRS Real Estate Partners, represented the seller, a Santa Monica–based private investment firm. The buyer was repped by Drew Wetherholt of Marcus & Millichap.
“Prior to placing the building on the market, we were able to generate significant pre-leasing interest from multiple national retailers making it a particularly attractive investment opportunity, especially in a market where there is limited new ground-up construction. As a result we were able to sell the property at a price that was 22% more than what our client had paid for it approximately six months prior,” according to Bedell.
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