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6/26/18
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RC Plaza, a 37.2k sf, neighborhood shopping center in Rancho Cucamonga, traded for $9.8 mil, or $263/sf. The property, located at the signalized intersection of Archibald Ave and East Foothill Blvd, was purchased by an LA-based private investor.
Built in 1984, RC Plaza is comprised of nine retail buildings situated on 3.01 acres in San Bernardino County. National tenants include Starbucks (with a drive-thru) and Pizza Hut. The property purchased is the majority share of the RC Plaza shopping center, which includes an additional multi-tenant 15.7k sf building that is separately owned and was not a part of the sale.
Bill Asher and Ed Hanley with Hanley Investment Group Real Estate Advisors, along with Joe Miller of Voit Real Estate Services, represented the seller, a private partnership based in Orange County, California. The buyer was repped by Eric Treibatch of Ophir Management Services Inc.
“We generated a tremendous amount of interest due to the shopping center’s value-add investment attributes,” said Asher. “The asset featured an overall low price per square foot, below-market rents as well as a stand-alone Starbucks building positioned on a separate parcel, offering the future flexibility to sell off separately as a net leased asset.”
Approximately 71% of the existing tenancy has occupied space at the property since at least 2012, Asher said. “Starbucks constructed a drive-thru in 2006 and signed a new 10-year lease extension in 2015, which demonstrated their long-term commitment to the location.”
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