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September 22, 2023
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Circle K-Anchored Center in the Inland Empire Gets Traded for $8 Mil


The Grove, a 39.3k sf, Circle K-anchored neighborhood center in Redlands, sold for $8 mil. The property is located at 1542-1598 Orange St, at the signalized intersection of Orange St and San Bernardino Ave, just minutes from the I-10 and I-210 freeways as well as the University of Redlands.

Built in two phases in 1987 and 1990, The Grove is 80% occupied and has excellent visibility and four primary access points along Orange St and San Bernardino Ave. In addition to the high performing Circle K, with 34 years of operating history, the property is home to a strong mix of independent internet resistant businesses including restaurants, beauty users and other services with an average occupancy history of 11 years.

The property is the only retail center within a one-mile radius making it the “go-to” center for the neighborhood. It is also ideally situated in one of Redlands’ most established neighborhoods with over 76,000 people within three miles earning an average of $93,275 annually.

Greg Bedell, CCIM, with Progressive Real Estate Partners represented the Los Angeles County based seller. The buyer, a Riverside County private investor group that also owns other Inland Empire commercial properties, was repped by Melody Waltz with Realty Executives Riverside.

According to Bedell, “The strong operating history paired with the value-add opportunity to update the center and lease the final two spaces made the property very desirable. This sale also further illustrates the growth in wealth amongst Inland Empire investors. As recent as five years ago, it would be incredibly rare for an $8 mil retail center to trade to a local Inland Empire-based group.”

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