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1/28/15
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A private investor out of Riverside paid $2.65 mil in an all-cash deal for a 7.2k sf ($368/sf) retail center in Fontana. The fully leased center is located at 17218 Foothill Blvd, south of the 210 Fwy between Sierra and Alder Aves.
Built in 2008, the property is shadow-anchored by Brunswick Foothill Bowling Center and is directly across from a well-established Wal Mart anchored shopping center. The center has a diverse mix of local and regional shops and services including Freeway Auto Insurance and RPM Lenders.
The property features excellent signage and unobstructed visibility with 200 +/- feet of frontage on the heavily-traveled Foothill Blvd corridor with a traffic count of over 32,000 cars per day. The location also enjoys strong demographics with a population in excess of 357,000 people within a 5-mile radius and an average income of $70,000.
The Progressive Real Estate Partners team of Brad Umansky, Frank Vora and Greg Bedell represented the seller, a private trust based in Los Angeles. Janet Valentin from VRE Commercial repped the buyer.
“Given the center’s high profile location, newer construction and impressive demographics, it’s not surprising that the property generated multiple competitive offers and the entire transaction was completed in less than 90 days” according to Brad Umansky, president of Progressive Real Estate Partners. “Furthermore, the sale demonstrates the increasing number of qualified commercial real estate investors based in the Inland Empire. We expect the momentum to continue into 2015 as the Inland Empire market continues to strengthen and the demand for high quality assets increases”.
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