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6/23/20
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Private investors have acquired a new construction, multi-tenant retail shop building adjacent to Sprouts Farmers Market and a new Quick Quack Car Wash ground lease at the Highland Village Shopping Center in Fontana, in separate deals. The combined purchase price for the two properties was $7.575 mil.
Adler Realty Investments completed the ground-up shopping center development in 2018-2019. The property is anchored by a 30k sf Sprouts Farmers Market, and includes Jack in the Box, Raising Cane's Chicken Fingers, Jersey Mike's, Café Rio, Oggi's Restaurant and Mountain View Tire & Auto Service. It is immediately adjacent to the 210 Fwy at the Sierra Ave entrance/exit.
The sale of the new 7.5k sf, multi-tenant shop building consisted of three tenants, which was constructed in 2018 and features Pacific Dental Services-branded dentistry office, Arrowhead Credit Union and MJ Nail & Spa. The building is located at 16914 South Highland Ave in Fontana and sold for $4.95 mil.
Hanley Investment Group's Kevin Fryman, Bill Asher, Matt Burnett and Jeff Lefko represented Woodland Hills-based Adler Realty Investments Inc in the transaction. The 1031 exchange buyer, a private investor from Sun Valley, was repped by Matt Burnett at Hanley Investment Group.
“Newly constructed multi-tenant retail assets with two to five tenants continue to be highly sought-after investments in today’s market as an alternative to lower yield single-tenant investments,” said Fryman.
Additionally, Hanley Investment Group's Fryman, Asher and Lefko arranged the sale of a brand-new Quick Quack Express Car Wash ground lease located at 16988 S. Highland Ave in Fontana. The property is situated on 0.77 acres and includes a 3.6k sf building. Quick Quack Car Wash opened in March 2020.
The buyer was a private investor from Korea and was represented by Mark Hong of Korus Real Estate Inc, based in Los Angeles. The purchase price was $2.625 mil, representing a 5.33% cap rate, a record-low nationwide for a new Quick Quack net-leased express car wash. According to Fryman, the deal closed escrow at 98% of the asking price.
Asher noted, “The sale represents the first single-tenant Quick Quack to sell as a net-leased investment in California. Single-tenant net-leased express car washes have become an increasingly popular investment in today’s market and an attractive alternative at a higher return compared to other net-leased assets such as drive-thru fast food, banks or coffee investments.”
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