|
|
12/02/25
|
A NoCal-based 1031 exchange investor has purchased Sierra del Oro Towne Centre, a 100%-occupied, 110.5k sf shopping center anchored by Ralphs and Dollar Tree in Corona. The sale price was not disclosed.
The property is located at 2621-2721 Green River Rd, just south of the 91 Fwy. In addition to Ralphs and Dollar Tree, tenants at Sierra del Oro Towne Centre include Anytime Fitness, Chase Bank, Jack in the Box, Domino’s Pizza, Wingstop, Green River Montessori, Kumon Math and Reading Center, Fantastic Sams, and PostalAnnex.
Kevin Fryman and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, Phillips Edison & Company Inc, one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, headquartered in Cincinnati, Ohio. The buyer was repped by Jesse Millman of Newmark. In 2017, Hanley Investment Group represented the seller, Cornerstone Development Partners of Irvine, in the sale of Sierra del Oro Towne Centre, when Phillips Edison & Company was the buyer.
Fryman noted that “Prior to marketing the property for sale, we advised the seller to structure a new long-term lease with Ralphs to maximize value and align with private capital’s objective of having a strong, committed anchor at the center.” According to Fryman, 72% of the tenants have operated at the center since at least 2011, and 70% are national or regional brands.
“The sale of Sierra del Oro represented a unique opportunity to acquire an entire grocery-anchored shopping center, including the anchors, shop tenants, and pad building ground leases in an affluent market located in Southern California,” said Fryman. “Ralphs has operated at the shopping center since it was originally constructed in 1991 and had recently executed a new long-term lease, demonstrating their commitment to the location. Furthermore, Ralphs is the only traditional grocery store within a three-mile radius.”
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
