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1/27/16
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An 8k sf, single-tenant retail building in Corona traded hands for $2.1 mil, or $263/sf, as part of a 1031 exchange. The building, located at 4180 Green River Rd, south of the 91 Fwy and just west of the 71 Fwy.
The property is 100% leased to St. Christopher Adult Health Care Center and is part of the 120k sf Green River Promenade mixed-use center. St. Christopher Health Care Center, which provides adult health care services to seniors and adults with disabilities including those with medical and/or mental health conditions, has operated at this location for over 20 years.
Greg Bedell and Pablo Velasco of Progressive Real Estate Partners represented the seller, West Hollywood-based Olympic Barrington Partnership. The buyer, a private, OC-based investor, was repped by Keith Wichner of Star Real Estate in Huntington Beach.
Ideally situated off the 91 Fwy at the junction of Orange, Riverside and San Bernardino Counties, there are over 6 million people within a 30-minute drive of the property. The center, which includes a mix of office and retail users, is located in a highly affluent trade area with average household incomes exceeding $108,000 within a 10-minute drive, more than twice the national average.
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