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December 8, 2019
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INLAND EMPIRE NEWS
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Two Pad Buildings at Ontario Retail Center Fetch over $5.6 Mil

4/03/19

Two retail pad buildings totaling 21.6k sf situated at a Walgreens-anchored neighborhood center in Ontario sold in separate transactions worth $5.62 mil. The center, built in 2007, is located at 2645 East Riverside Drive.

One of the sales was for a two-tenant, 13.4k sf pad building on 1.33 acres shadow-anchored by Walgreens. The 100%-occupied building includes O'Reilly Auto Parts and a corporate office. O’Reilly occupies 7.2k sf and recently signed a new, long-term lease last year.

The property sold for $3.22 mil ($240/sf). The buyer, a private investor from Southern California, was represented Jeff Lin of Marcus and Millichap in Ontario. The seller was repped by Kevin Fryman with Hanley Investment Group Real Estate Advisors.

Fryman also represented the same seller in the sale of an 8.2k sf, multi-tenant retail pad building on 1.15 acres at the Walgreens-anchored neighborhood center. Located at 2665 East Riverside Dr, the 100% occupied, seven-tenant building includes Subway, Wonderful Massage, Empire Barbers, IE Vapes, First Rate Staffing, Les Tax and a management company.

The buyer, a private investor from Temple City, was repped by Watson Yeh of EZ Max Realty in Temple City. The purchase price was $2.4 mil.

“We executed a break-up strategy of two parcels to maximize the value for the seller and procured multiple qualified offers within the first month of marketing both pads,” said Fryman. “We achieved an aggressive cap rate for both sales, demonstrating that well-located, multi-tenant retail assets with food and service-based, internet-resistant tenants are still in high demand.”

“Investors and the eventual buyers were very attracted to the overall strength of the location and the history of Walgreens being located at the center since its opening in 2007,” said Fryman. Other national and regional tenants that are located within the Walgreens-anchored shopping center, but not included in either transaction, are Chase Bank, Juice it Up!, Papa John’s Pizza, Subway, The UPS Store and Verizon.

The shopping center is situated at the signalized intersection of South Archibald Ave and East Riverside Dr with 36,000 cars per day. Other national tenants located at the intersection include AutoZone, Jack in the Box, Little Caesars, Ralphs grocery store and Rite Aid.







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