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9/24/18
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Spruce Plaza, a newly-constructed, 15.6k sf Class A retail center in Rancho Cucamonga, was purchased by a family trust from the Bay Area for $15.625 mil, or $1,000/sf. The asset consists of two parcels at 10877-10895 East Foothill Blvd, in the master-planned community of Terra Vista.
Spruce Plaza was fully leased at the time of sale. Tenants include Blaza Pizza, Tokyo Joe’s, Luna Grill, Jersey Mike’s, Café Rio and Habit Burger.
Spruce Plaza is located across from the 611k sf Terra Vista Town Center, providing a significant consumer traffic benefit. It is located two miles west of I-15 and two miles south of State Highway 210. The property is adjacent to Rancho Specialty Hospital, Rancho Cucamonga Office Park and a Best Western.
Matthew Mousavi, Patrick Luther and Garrett Colburn with SRS National Net Lease Group represented the seller and developer of Spruce Plaza, Costanzo Investments LLC, a Southern California-based development company. The buyer was repped by Ralph Borelli and Caleb Scherer of Borelli Investment Company. The transaction achieved a cap rate of 5.32%.
“Spruce Plaza is representative of the type of retail center being sought after by the market in the current environment. That is a next-generation, food-oriented and lifestyle-centric retail center in a highly visible and accessible location within a healthy Southern California market,” said Mousavi.
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