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10/08/20
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An L.A.-based pivate investor purchased Foothill Village, a 24.9k sf, un-anchored multi-tenant retail center in Fontana, for $5.3 mil ($213/sf) as part of a 1031 exchange.
Foothill Village is located at 14755 Foothill Blvd, just east of Redwood Ave. The 100% occupied neighborhood center is in a densely populated area with more than 140,700 residents within three miles, earning an average household income of $89,700.
Built in 2006, Foothill Village features high quality modern architecture and is home to a robust mix of 13 internet-resistant food and service retailers. The center benefits from its excellent location along Foothill Blvd, a primary retail corridor, with visibility to over 36,600 vehicles per day.
The immediate area boasts 7.3 msf of industrial distribution centers near the property, many of which are occupied by national brands such as Target, UPS and Mercedes Benz. The property is also adjacent to the Heritage Village master planned community with 3,300 single family homes.
Greg Bedell, CCIM, with Progressive Real Estate Partners represented the buyer in the deal, while Bedell and Progessive colleague Albert Lopez repped the seller, a private Los Angeles-based investor. Lopez also leased up 5k sf at the center and renegotiated multiple leases that were month to month at below market rents to long term leases at current market rates.
According to Bedell, “Unanchored retail centers like Foothill Village have been one of the most challenging type of assets to sell during the pandemic. Fortunately, most of the Foothill Village tenants weren’t significantly impacted and, for those that were affected, we worked closely with the ownership to address any rent concerns resulting in the property achieving a high level of rent collection compared to the industry average.”
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