|Four different buyers have acquired five new-construction retail buildings totaling 57k sf at Eastvale Marketplace, a grocery-anchored shopping center in the Inland Empire city of Eastvale. The sales added up to a combined price of $33 mil.
The transactions were for a single-tenant Smart & Final Extra!, two multi-tenant retail buildings and two single-tenant, fast-food pad restaurants each with a drive-thru. The assets were sold by the developer, Evergreen.
Bill Asher, Jeff Lefko and Ed Hanley with Hanley Investment Group Real Estate Advisors represented Evergreen in the deals. Spanning the last 42 years, Evergreen is a national retail and multi-family development company with a heavy emphasis on developing projects in California, Colorado, Arizona, and Utah.
The buyers were four separate private investors. A private investor from Roseville, who purchased both the single-tenant Smart & Final Extra! and the 8.8k sf, multi-tenant shop building, was represented by Tom Carosella of Carosella Properties Inc in Bakersfield. Gershman Properties, represented by David Lachoff at Newmark Knight Frank, acquired the 12k sf multi-tenant pad building. The El Pollo Loco and Miguel’s Jr. were acquired by two different private investors in separate transactions.
Eastvale Marketplace is located at 13334-13394 Limonite Ave in Eastvale, 1.5 miles from the heavily traveled Interstate 15 Fwy with 151,000 cars per day and close proximity to the US 60 Fwy with 218,000 cars per day. The new center was originally planned to include one multi-tenant shop building but, due to the high demand, a pad building was added to accommodate tenant interest.
The impressive line-up of retailers at Eastvale Marketplace, in addition to its anchor tenant, Smart & Final Extra!, includes a variety of food and service tenants including Burgerim, CareMore Pharmacy, Creamistry, EcoCleaners, El Pollo Loco, Mathnasium, Mes Amies Nail & Beauty Spa, Miguel’s Jr., Pacific Dental Services, Pieology, Poke Delight, Ten Ren’s Tea Time and TotalCare Walk-In Clinic.
“We were able to maximize value for the owner through individual sales to private, non-institutional investors in a variety of price ranges ($2.6 to $12 mil) in order to appeal to the largest buyer pool in the retail investment industry. All four buyers satisfied 1031 exchange requirements with most purchasing each asset because of the reliable stable income stream created by internet-resistant, service-based, national and regional credit tenants on new, long-term leases,” Asher said.
Regional and national retail tenants in the immediate area include Costco, Target, Walmart Supercenter, 24 Hour Fitness, 99˘ Only, Albertsons, Best Buy, BevMo!, Edwards Theatres, Home Depot, HomeGoods, Kohl’s, Lowe’s, Michaels, Party City, Petco, PetSmart, Ralphs, Ross Dress For Less, Staples, Stater Bros., T.J.Maxx, ULTA Beauty, Vons and Walgreens.
Eastvale Marketplace is one of the best positioned and highest-profile, new neighborhood shopping centers in Northwest Riverside County. Eastvale Marketplace is centrally located between a dense industrial hub (8.2 msf with a vacancy rate below 0.5%) and numerous residential developments (currently 23,207 households in a three-mile radius), accommodating the local community and daytime population of over 176,000 within a five-mile radius.
Since 2000, there has been a 313% increase in population and a 284% increase in households in a three-mile radius. Eastvale citywide population is projected to grow over 34% by 2022 and future job growth is projected to increase 42% over the next 10 years.