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5/10/19
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A 15.1k sf, multi-tenant shop building at Rancherias Plaza in Apple Valley has sold for $2.55 mil, or $169/sf. The property is located at 20162 Highway 18, in the fast-growing High Desert region of SoCal’s Inland Empire.
Built in 1991, the 92% occupied shop building is located at the primary entrance of Rancherias Plaza, which is anchored by CVS Pharmacy and a 99 Cents Only store. A diverse mix of seven internet-resistant food and service retailers occupy the shop building. Furthermore, the property benefits from its excellent location on the heavily traveled Highway 18 which is the trade area’s primary retail thoroughfare with an average daily traffic count of over 33,000 cars.
Progressive Real Estate Partners’ Greg Bedell, CCIM, and Chris Lindholm represented the seller, a private, Los Angeles-based investor. The buyer was a private, San Diego-based investor.
“This listing presented an excellent opportunity to acquire a historically well occupied property in a center with nationally recognized anchor tenants,” commented Bedell. “We generated multiple quality offers and ultimately the asset traded within 98% of the asking price further demonstrating the strong investment fundamentals and property location.”
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