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3/20/15
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In a recent retail acquisition from the California High Desert town of Apple Valley, Pacwest Management has purchased a major portion of Rancherias Plaza for $3.1 mil. The transaction consisted of four buildings totaling 40.1k sf ($77/sf).
Located at 20226 US Hwy 18, the property is situated on nearly four acres between Rancherias Rd and Bass Hill Rd across the street from Walmart and adjacent to Apple Valley Commons, a new regional retail center, developed by Lewis Retail Centers, anchored by Super Target, Ross, and Dollar Tree. Rancherias Plaza totals more than 100k sf under separate ownership and is anchored by CVS Pharmacy, Chase Bank and nearby Walgreens.
David Wick of Marcus & Millichap represented Pacwest Management. The seller, Huntington Beach Partnership, was repped by Brad Freeman of Freeman & Associates. The property was 40 percent occupied at the close of escrow by tenants including Domino’s, GNC, Boost Mobile, H&R Block, among others.
“This property offered Pacwest Management a strong value-add opportunity,” said Wick. “The new ownership will bring decades of knowledge and experience to reposition and stabilize the property by filling any existing vacancies with tenants specifically tailored toward this neighborhood’s demographics.”
Wick added that Pacwest Management has already had significant tenant interest and is currently in negotiations with a Victor Valley restauranteur seeking to bring a unique dining and entertainment experience to the area.
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