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8/11/23
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A 17.3k sf retail building in Banning was acquired by a local private investor completing a 1031 exchange for $6.8 mil ($393/sf). The single-tenant property is occupied by Rite Aid on a double-net lease.
Built in 2009, the property is situated on two acres at 806 W. Ramsey St. It is located between the Inland Empire and the Coachella Valley in the San Gorgonio Pass along Interstate 10, the fourth-longest interstate in the U.S., with traffic counts averaging 136,000 per day. Banning Municipal Airport and various popular retailers are nearby.
According to the California Department of Finance, Banning’s population grew by 3.8% in 2020, making it the fastest-growing California city with a population over 30,000. The city has a new master-planned community underway, Atwell, which will feature up to 4,400 single-family homes, two new schools, multiple community centers and several trails once complete.
David McNevin, Melissa Ley Marshall and Ian Schroeder with CBRE represented the seller, a private investor, in the transaction.
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