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2/21/19
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A 40k sf Jerome’s Furniture-leased retail space in Moreno Valley sold for $7.32 mil ($183/sf). Jerome’s has 14 years left on their lease term, with three five-year options to renew.
Photo: www.TheFotoFinisher.com |
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The property, located at 12500 Day St, is situated at an I-60 freeway-offramp and at the gateway of the Moreno Valley Mall. It is near well-known retailers, including Buffalo Wild Wings, Starbucks, Chick-fil-A, Panera Brea, Aldi, 24 Hour Fitness and Harkins Theaters.
Alan Krueger and Vanessa Haddad of CBRE represented the buyer, a NoCal private investor, and the seller.
The Inland Empire retail sector is one of the hottest emerging markets in Southern California. An influx of new youthful residents from neighboring markets has refocused the outlook of the region from barren tracks of land to bountiful opportunities for developers and burgeoning retailers alike, according to the latest CBRE research. The region’s retail market led the charge in leasing activity at the tail end of 2018. Healthy demand from newer big box tenants pushed down vacancy 20 basis points to 8.3% and garnered 204.8k sf of positive net absorption for the region in the fourth quarter, according to the report.
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