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7/28/20
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A private investor from Corona purchased two multi-tenant retail buildings at Village Grove Plaza, a Stater Bros Markets- and Crunch Fitness-anchored shopping center in Corona, for $5.2 mil. Totaling 11.6k sf ($448/sf) of space, the buildings were built in 1976 on 0.93 acres at 1240-1282 Border Ave.
The acquisition includes a freestanding, six-tenant, 9.2k sf retail pad building and a two-tenant, 2.4k sf shop building adjacent to Stater Bros. Markets. The two buildings included a local tenant mix consisting of dental care, dry cleaners, laundromat, florist, donuts, liquor store, plus hair and nail salons.
The buildings are part of the 56.1k sf Village Grove Plaza shopping center, which sits between two signalized hard corners at Via del Rio and Border Ave, and Via Santiago and Border Ave. Via del Rio is a connector road to the 91 Fwy, which has 257,000 cars per day.
Kevin Fryman, Bill Asher, Jeff Lefko and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, a private investment group based in Denver, CO. The buyer was repped by Ranhee Im of ANA Capital of Los Angeles.
“We generated multiple offers including two from local buyers that bid up the sales price during one of the most challenging macro-economic environments in the last 10 years due to COVID-19,” said Fryman. “The high level of competitive interest was a testament to the location, grocery anchor and internet-resistant and daily-needs tenant mix. We were able to structure a mutually beneficial closing for both buyer and seller including closing escrow on the 180th day of the buyer’s extended 1031 exchange deadline.”
Fryman continues, “Stater Bros. Markets has operated at this location since 1976 and completing a recent remodel to enhance the store with interior upgrades and updated exterior signage featuring the company’s new logo, were important factors that attracted the buyer to the property.”
Located adjacent to Orange County, the city of Corona is the third-largest city in the Inland Empire and has experienced a 27% population increase over the last decade. Currently, there are 194,000 people with an average household income in excess of $103,000 within a five-mile radius of the shopping center. Monster Energy, Zumiez, Jenson Bicycles and Medtronic all have major manufacturing facilities within the city.
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