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August 12, 2020
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SOUTHERN CALIFORNIA NEWS
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Newly Constructed Sprouts Market in the Inland Empire Sells for Over $10 Mil

2/25/20

A newly constructed, single-tenant Sprouts Farmers Market at the Highland Village Shopping Center in Fontana sold for $10.4 mil. The transaction had a 5.19% cap rate, what we’re told is a record-low cap rate and a record-high price per square foot for a single-tenant grocery store in the Inland Empire.

The asset was sold by Adler Realty Investments, who recently completed the ground-up shopping center development. The property is anchored by a 30k sf ($347/sf) Sprouts Farmers Market, and also includes Burgerim, Jack in the Box, Raising Cane's Chicken Fingers, Jersey Mike’s, Café Rio, Oggi’s Restaurant, Mountain View Tire & Auto Service, Pacific Dental and Quick Quack Car Wash (currently under construction). It is immediately adjacent to the 210 Fwy at the Sierra Ave entrance/exit.

Kevin Fryman, Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented Woodland Hills-based Adler in the transaction. The all-cash, non-1031 exchange buyer, a private investor, was repped by Heidi Kim of TNG Real Estate Consultants of Brea, California.

According to Fryman, Highland Village enjoys exposure to a high volume of commuters and local residents that travel along the 210 Fwy, one of the major east/west freeways connecting California’s San Gabriel Valley and Inland Empire. The average daily traffic count is approximately 119,000 at the Sierra Ave exit. The freeway-visible pylon sign provides outstanding exposure, identity and visibility for Sprouts and the entire shopping center by eastbound and westbound traffic.

“Highland Village Shopping Center is located directly across the street from Fontana Auto Center and the Fontana Promenade, the site of a future new Walmart Supercenter, which will drive a tremendous volume of regional traffic to an already busy area,” Fryman added.

Fontana is the 2nd largest city in San Bernardino County and is projected to grow by 7.5% between 2017-2022. According to the City of Fontana Mayor, Acquanetta Warren, Fontana is expected to be the largest city in San Bernardino County after Census 2020.







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