We’ve got three retail sales comps from the Inland Empire to report. The deals took place in Yucca Valley, Victorville and Hesperia and total just over $10 mil.
The largest of the three transactions was for Yucca Valley Square, a 104.5k sf shopping center covering 12 acres at 57980 Twentynine Palms Hwy in Yucca Valley. The property sold for $6.5 mil, or $62/sf.
Yucca Valley Square is situated in the heart of the commuter traffic and tourist trade area for Joshua Tree National Park. The property is anchored by 99 Cents Only Store, which has nine years remaining on its lease. Other tenants include Stater Bros, JC Penney and the Dollar Tree.
Pablo Rodriguez, Richard Vincent, and Joshua Rey in Marcus & Millichap’s Ontario office represented the seller, a partnership built from selling the property three years prior as a vacant Walmart, together with a business plan for redevelopment.
In Victorville, a 3.9k sf McDonalds sold for $2.535 mil, or $652/sf. Constructed in 2008, the property is situated on 0.76 acres at 13625 Bear Valley Rd. It is an outparcel pad to The Shops at Bear Valley, a fitness and drug-anchored center featuring Walgreens, Fitness 19, and KinderCare.
The McDonald’s is located within close proximity to The Mall of Victor Valley, anchored by Sears, JC Penney, Macy’s, Cinemark, Dick’s Sporting Goods & Barnes & Noble. There are more than 168,500 permanent residents with an average household income higher than $57,000 within five miles of the subject property.
M&M’s Rodriguez and Vincent represented the seller, a repeat qualified exchange buyer, and also helped procure financing for the buyer. Doing so, they represented the buyer in selling his triple-net leased property with a remaining short-lease term to exchange into a longer term lease, stronger guaranteed McDonald’s as the up-leg.
And in Hesperia, a 7.3k sf shopping center known as Main Street Retail sold for $1.06 mil ($145/sf). Recently renovated in 2013, Main Street Retail is situated on 0.68 acres of land.
The property includes a dental office that has been occupying the building for over 30 years, along with an income tax office, hair salon, water store, and tobacco shop among others. Recently, three new tenants have signed at the building, bringing it to fully occupied. National retailers in the immediate area include Kmart, Little Caesars Pizza, KFC, Starbucks, Sizzler, Burger King, AutoZone, Domino’s Pizza, and more.
Rodriguez, Vincent and Rey represented the seller while collaborating with an outside agent. They also helped extend and renegotiate leases with the tenants on the property for the buyer while under contract.
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