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3/25/22
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A Beverly Hills-based, private 1031 exchange investor paid $11 mil for two multi-tenant retail pad buildings totaling 13.5k sf ($815/sf) at Highland Village Shopping Center, a new Sprouts-anchored shopping center in Fontana.
The two multi-tenant retail pad buildings are located at 16918-16938 South Highland Ave on an outparcel to a 30k sf Sprouts Farmers Market at the hard-corner, signalized intersection of Highland Ave and Sierra Ave. The pad tenants include Cafe Rio, Jersey Mike’s Subs, Fatburger, Oggi’s Pizza, AB Barber and Crumbl Cookies.
Other tenants at the shopping center include Sit ‘n Sleep, Raising Cane's Chicken Fingers, Jack in the Box, Pacific Dental, Quick Quack Car Wash and Mountain View Tire & Auto Service. The shopping center is immediately adjacent to the 210 Fwy at the Sierra Ave entrance/exit.
Kevin Fryman, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, Adler Realty Investments, who completed the ground-up shopping center development in 2018-2019. The buyer was represented by Mark Stein of CPMC Realty in Palm Desert. This transaction marks the eighth property Hanley Investment Group has sold at Highland Village, totaling a combined 61.1k sf and approximately $40.8 mil in total sales.
“Retail developers continue to capitalize on executing the break-up sale strategy due to the consistent high-level of demand from investors seeking new construction single-tenant and multi-tenant pads in today’s market,” said Fryman. “The sales of the two multi-tenant pad buildings at Highland Village were a prime example of matching up a retail investment not formally on the market yet with a specific investor’s acquisition criteria seeking to complete a 1031 exchange.”
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