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August 20, 2019
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INLAND EMPIRE NEWS
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Investors Buy 25k sf of Pad Buildings at Rialto Marketplace

4/30/19

There were two, separate multi-tenant pad sales totaling 25.6k sf at Rialto Marketplace, a 239.5k sf Super Walmart-anchored shopping center located at 1276 S Riverside Ave in the Inland Empire city of Rialto. The assets were sold by the property developer, Newmark Merrill Companies.

The buildings are positioned at the entrance at the center, located at the southwest corner of Riverside Ave and San Bernardino Ave, two blocks north of the I-10 Fwy.The bulk of the center was not part of these sales, including Walmart (owns their own) and Les Schwab Tires (owns their own), along with 7-Eleven and Carls Jr, which were both retained by the seller.

One of the sales was for the 11.8k sf Building 8, which sits on a 1.3-acre parcel. Tenants include a Starbucks drive-thru, GNC, Wingstop, T Mobile, Juice it Up, Pieology, and Pho 62 Vietnamese. Although we don’t have the price, we do know that the property was listed at $8.75 mil, which would work out to a 5.2% cap rate and a price of $740/sf.

The other sale was for Buildings 3 and 4, which sit on just over 1.3 acres and total 13.4k sf. There is a common area courtyard between the two buildings for outdoor dining.

Tenants at Building 3 include Jersey Mikes, Sprint, Sally Beauty Supply, UPS, Boost Mobile, Menchies Yogurt, Nail Salon and a Wells Fargo ATM. Building 4 tenants include Chipotle & Ono Hawaiian BBQ.

Scott G. Hook with the National Retail Group for Marcus & Millichap represented the Newmark Merrill-entity seller, NJM Rialto LLC. The buyer of Building 8 was Jane Suk Na, represented by Young S. Noh of CRE Realty. The all-cash buyer of Buildings 3 and 4 was Triple Twins LLC, repped by Mike Nabi & of Pacific Realty Center. Newmark Merrill continues to manage the center.

“Newly constructed national brand name multi-tenanted retail properties are in high demand throughout the nation” stated Hook. “New construction and long-term leases minimize management issues and tenant turnover, providing the investor a stable diversified income stream, while hedging against future inflation.”




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