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9/26/12
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San Dimas Station, a 149k sf shopping center in the eastern San Gabriel Valley city of San Dimas, traded hands at a price of $15.75 mil, which works out to $106/sf. It was purchased by a local private investor from a NoCal-based seller.
The property, located at 515 West Arrow Hwy, features excellent visibility from California State Route 57 and the Orange Fwy. The shopping center consists of an 88.2k sf north section and a 60.8k sf southern section, which make it easily accessible from both the north and the south.
San Dimas Station was constructed on 16 acres between 1986 and 1987. The architectural style of the center reflects the area’s equestrian character. Major tenants of the property include 99¢ Only, Baskin Robbins, Furniture Depot and Zendejas Mexican Restaurant.
Alan Krueger and Richard Longobardo, both in Marcus & Millichap’s Ontario office, represented the buyer and the seller in the transaction. “The property attracted strong interest from a wide variety of investors,” says Krueger. “Buyers have been tracking the Los Angeles area’s continuing retail recovery and keeping an eye out for well-located retail centers.”
“The San Dimas Center’s location in a trade area that is highly developed with little land available for new development and high barriers to entry make it especially attractive,” adds Longobardo.
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