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December 6, 2019
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INLAND EMPIRE NEWS
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Neighborhood Center in Corona Gets New Owner in $5.3 Mil Deal

11/04/19

An OC-based private investor purchased Corona Lanes Collection, an 18.3k sf retail property in Corona, for $5.35 mil ($292/sf). The asset was sold by Corona Lanes Collection LLC, a private group of local investors, which decided to divest the property to exchange into a less management-intensive asset.

The property, located at 2347 and 2363 California Ave, has immediate access to the I-15 Fwy via the Ontario Ave off-ramp, one of the city’s main east-west roads. Tenants in the center include Pieology Pizzeria, Marui Sushi, Allstate Insurance, and Edward Jones.

Alan Krueger and Vanessa Haddad of CBRE represented the seller in the transaction. CBRE’s Melissa Ley, Xavier Nolasco, Ian Schroeder and Allison McDuffie repped the buyer.

“Demand for this property was strong,” said Haddad. “We marketed the asset one month before putting it under contract. The highly trafficked center and proximity to the freeway made this an attractive purchase for a hands-on investor.”

The most active retail tenant categories in the region as well as across the U.S. continue to be those in fitness, furniture, food, fashion, and fun, according to CBRE research. They are expected to remain the dominant drivers in Southern California due to their ability to cater to a consumer base seeking experience and convenience.

These retailers, known collectively as the ‘Five Fs’ of retail, have reduced vacant space at retail centers by 20% over the last 10 years in the Greater Los Angeles, Orange County and Inland Empire region. Since 2018, 'Five F' tenants have leased 2.5 msf and 2.2 msf in neighborhood and community centers, respectively, according to CBRE research.




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