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INLAND EMPIRE NEWS
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Two Outparcels at the Mall of Victor Valley Sell for Over $4 Mil

3/31/17

Two outparcels at the entrance to the Mall of Victor Valley in Victorville have sold for a combined total of $4.2 mil. The Mall of Victor Valley is the dominant regional mall serving Southern California’s High Desert region, which is part of the Inland Empire. The 575k sf center has excellent freeway visibility on the heavily traveled 1-15 Fwy and is anchored by a new Macy’s, expanded JC Penney, Dick’s Sporting Goods, Sears and Cinemark Theaters.

One of the sales was for the Big 5 outparcel, located at 14390 Bear Valley Rd. The 8k sf single-tenant building has been occupied by Big 5 since the building was constructed in 1987.

In spite of the 1980’s rent basis and a short lease term, with up to 45 years of options at possibly flat rent, the superb location and minimal risk made it a very desirable acquisition. The property was purchased by a private SoCal investor for $1.58 mil in an all-cash transaction at below a 5% cap rate, which demonstrates the continued strength of the single tenant market even in outlying SoCal trade areas.

Progressive Real Estate Partners brokers Mike Lin and Brad Umansky exclusively represented both the buyer and seller in the transaction. According to Retail Specialist Mike Lin, “This sale demonstrates that when you have an excellent location a buyer will pay a low cap rate despite a short term lease”.

The other sale was for a multi-tenant outparcel located at 14350 Bear Valley Rd. Built in 2005, the 14.1k sf retail building includes a 9.2k sf former David’s Bridal and four shop spaces totaling 4.9k sf.

Given the larger vacancy, the listing was an excellent owner/user opportunity and generated multiple offers. The property was acquired for $2.65 mil by a partnership formed by Alan Gottlieb of Real Estate Affiliates and will be occupied by mattress retailer Sit ‘n Sleep. Progressive’s Umansky and Liana Ahdoot represented the seller, a private Los Angeles based investor.





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