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9/21/21
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A SoCal-based 1031 exchange private investor paid $8.8 mil for Los Compadres Plaza, a 47k sf ($187/sf) commercial center in Colton. The property, located at 1035 S. Vernon Ave, is less than a ¼ mile from the I-215 Fwy and directly across from a Wal Mart and Ross anchored shopping center.
Built in two phases in 1977 and 1980, the commercial center consists of four buildings and is ideally located at a signalized intersection with approximately 800’ of frontage and excellent visibility on Mt. Vernon Ave. The unanchored property is 93% occupied with 82% of the center’s tenants being independent internet resistant businesses including restaurants, medical users, beauty and other services. Recent updates to the property include painting, roof replacements and parking lots improvements.
In addition to the major freeway proximity, Los Compadres also enjoys strong demos with over 640,000 people and 21,000 businesses employing over 265,000 people within 15 minutes of the center.
Brad Umansky, Greg Bedell, CCIM, and Mike Lin with Progressive Real Estate Partners represented the Los Angeles County-based seller, who was also one of the original developers, in the transaction.
According to Umansky, “The sale of this property demonstrates the desire of certain buyers to own multi-tenant properties at a lower price per square foot with long established independent operators. Our team has seen more and more interest in these types of properties based upon the fact that so many “mom & pop” tenants proved to be amazingly resilient during the pandemic.”
Umansky added, “In addition to Los Compadres’ excellent location and property attributes, the buyer, who has primarily owned multifamily properties, also liked the presence of many smaller commercial units which provides a more diverse rental income stream similar to multifamily.”
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