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2/16/17
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Yucaipa Plaza, a 37.5k sf retail/office center in the Inland Empire city of Yucaipa, was purchased by a Los Angeles-based private investor for $3.5 mil ($93/sf) in an all-cash 1031 exchange transaction.
Built in 1970, the property is located at 34469-79 Yucaipa Blvd, north of I-10 and west of Bryant St. Yucaipa Plaza includes a mix of ground floor retail and second-story office space.
The property features strong historical occupancy with a large number of the tenants having occupied the center for over 10 years. Furthermore lease rates are at or below market, providing a buyer the opportunity to increase rents and cash flow as market conditions improve. Current tenants include Papa John’s Pizza, Boost Mobile, Allstate Insurance and a variety of local specialty, service and food retailers.
The property is directly across from a Stater Bros. and Rite Aid-anchored neighborhood center and is at a hard signalized corner on the city’s primary thoroughfare with visibility to nearly 30,000 cars per day. In addition, the center features large pylon signage providing the tenant’s outstanding identity.
Greg Bedell, CCIM, and Pablo Velasco with Progressive Real Estate Partners represented the buyer and the seller, a private Orange County based investor. According to Progressive, the listing generated multiple qualified offers and closed at 97% of the asking price.
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