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5/14/19
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Orange County-based PRES Companies paid $11 mil for Corona Freeway Center, a 67.7k sf ($162/sf) retail property in Corona, in an all-cash deal. The well-established multi-tenant center is located at 2410 Wardlow Rd, directly adjacent to the 91 Fwy with nearly 700 feet of frontage that exposes the property to about 263,500 vehicles daily.
Built in 1991, the center was recently renovated including a new roof, new HVAC, updated landscaping, painting and major renovations to the parking lot. Improvements also included the addition of a 60’ high digital freeway pylon sign that lists all of the tenants and also features a 400 square foot digital screen that is available for the tenants to use for advertising.
The center is home to a diverse mix of retail and service users including Express Scripts, Jenson USA Bicycles and LA Carpet & Flooring. Furthermore, the property enjoys strong demos drawing customers from northern Orange County and western Riverside County with an average household income of more than $106,000.
The listing also presented an excellent value-add opportunity. As a result of a multi-year Caltrans freeway project that limited accessibility, nearly 70% of the leases were below the market rate. With the construction completed, a strong upside potential exists by increasing rents, allowing for a significant increase in the net operating income.
Frank Vora with Progressive Real Estate Partners represented the seller, an Orange County-based private investor in the transaction. PRES Companies was repped by Greg Ozimec of Industrial Brokers.
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