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September 22, 2023
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Grocery-Anchored Retail Property in Hemet Sells in $14 Mil Deal


A CA-based private investor paid $13.95 mil for Ramona Plaza, a 102.5k sf ($136/sf) retail center in Hemet. Built in 1974, the property sits on 6.41 acres at 1300-1480 E. Florida Ave. Ramona Plaza is located at the highly trafficked, main and main intersection of E. Florida Ave and N. San Jacinto St, which sees more than 57,000 vehicles passing by daily.

Ramona Plaza was 88% occupied at the close of escrow with anchor tenants including Grocery Outlet, Planet Fitness, and Dollar Tree which all recently extended their leases. National brands such as Aaron’s, Leslie’s Poolmart, Subway, and Little Caesars Pizza, among others, are also tenants.

The buyer was attracted to the property because it offered upside potential through lease-up of the vacancies and bringing some tenants up to market rents. They were repped by The Visintainer Group.

Winston Guest, Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the seller, a SoCal-based investor. According to Guest, the property generated over a dozen offers.

“Inland empire markets like Hemet are receiving renewed interest, most notably driven in part by substantial growth in the industrial and manufacturing markets in these areas, drawing investment toward the retail sector as well. Being a value-add grocery anchored center in SoCal, Ramona Plaza offered a rare investment opportunity,” added Mousavi.

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