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5/19/20
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Private investors from the Los Angeles area traded a two-tenant, 6.3k sf retail pad building in a $4 mil ($635/sf) transaction. The building is occupied by Assure Dental and Verizon Wireless.
Located at 961 North Milliken Ave in Ontario, which is 35 miles east of Downtown Los Angeles, the building was constructed in 2002 and includes a 3.5k sf Assure Dental and a 2.8k sf Verizon Wireless on a 1.02-acre parcel. The property is situated at the signalized, hard corner entrance to The Marketplace at Ontario Center, a Sam’s Club-anchored shopping center, and immediately across from the Ontario Mills Mall at Milliken Ave and Concours St, with 45,000 cars per day along Milliken Ave.
More than 290,000 people are estimated to live in a five-mile radius of the property (2018). Tenants at The Marketplace at Ontario Center include Sam’s Club, Staples, Bob’s Furniture and Basset. Other tenants in the area include Costco, Target, Kohl’s and many more.
Matt Burnett with Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
“We generated multiple competitive offers in the first couple of weeks of marketing the property and ultimately secured an all-cash buyer with a quick inspection timeline that allowed for a successful closing amidst the coronavirus crisis,” said Burnett. “The sale represented a 5.40% cap rate, the lowest multi-tenant cap rate for a second-generation building in the Inland Empire over the past 12 months.”
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