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August 24, 2019
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INLAND EMPIRE NEWS
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Investor Exchanges into 10k sf Perris Retail Asset

3/22/19

Shops at Ramona Expressway, a 9.8k sf, multi-tenant retail center in the Inland Empire city of Perris, sold for $3.5 mil ($352/sf). The property, located at 780 Ramona Expwy, was acquired as part of a 1031 exchange.

Built in 2007, the Shops at Ramona Expressway features high quality modern architecture and is home to a strong mix of internet-resistant food and service retailers. The center benefits from its excellent location less than mile from the I-215 freeway on the heavily trafficked Ramona Expressway with average daily traffic counts of 40,202.

Additionally, there are over 40 msf of existing industrial with another 13 msf planned or under construction within three miles of the center creating a thriving daytime marketplace of 8,000+ employees seeking food and service-related retail. The property is also adjacent to May Ranch, which is the largest master planned community in Perris with 745 acres and 4,500 households.

Greg Bedell, CCIM, with Progressive Real Estate Partners, represented the seller, a private Riverside-based investor. The buyer, a private Monterey Park-based investor, was repped by Shane Delaney with REeBroker Group.

As part of the transaction Bedell assisted in successfully overcoming several challenges including negotiating a lease renewal with Subway (previously month to month), structuring a creative leaseback to deal with an impending lease expiration and addressing conflicting sets of CC&R's recorded against the property. The asset ultimately traded within 98% of the asking price.





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