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5/17/22
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In a SoCal retail buy, Red Mountain Group purchased Country Fair Shopping Center, a 168.3k sf, multi-tenant neighborhood shopping center in Chino, for $42.25 mil, or $251/sf. The property was sold by a publicly traded real estate investment trust based in New York.
Located at 11901-12089 Central Ave in Chino, Country Fair Shopping Center is shadow-anchored by Albertsons. The tenant roster also includes such prominent brands as PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams. The center was 92% occupied at the time of sale, and the new ownership will have the opportunity to add value via the lease up of remaining vacancy.
Country Fair Shopping Center benefits from a prominent location one block north of the 60 Fwy at the primary signalized intersection of Central Ave and Philadelphia St, which sees over 48,000 vehicles per day. The center is one of only four neighborhood centers serving the bedroom community of Chino, which is centrally located on the western edge of San Bernardino County, bordering both Los Angeles County to the west and Orange County to the south.
Pete Bethea, Rob Ippolito and Glenn Rudy with Newmark represented the seller in the transaction.
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