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4/06/16
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Bluffs Crossing, a 6.2k sf, multi-tenant retail center in the Inland Empire city of Colton, recently sold for $1.9 mil ($323/sf). The property traded at a 5.1% cap rate as part of a 1031 exchange.
Built in 2007, Bluff’s Crossing is located at 1231 E. Washington St, adjacent to the heavily traveled I-215 Fwy. It is situated in in a well-established trade area.
The center is home to a mix of food and service users including Premier Insurance, U-Haul, a Verizon cell tower and newcomer Pizza Q, the first restaurant in the area to combine pizza and slow-cooked BBQ under one roof. A top performing Starbucks drive-thru and Dunn Edwards are located immediately adjacent to the center. Other neighboring national retailers include Wal Mart, Ashley Furniture, Ross Dress for Less, McDonalds and Carl’s Jr creating a strong regional draw and cross-shopping benefit to the property.
Greg Bedell of Progressive Real Estate Partners represented the seller, a private investor based in Sherman Oaks. Fred Furey, an independent Huntington Beach-based broker, repped the buyer, a private investor based in Chino Hills.
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