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3/17/23
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New Haven Marketplace, a 95k sf, grocery-anchored shopping center in Ontario, traded for $54 mil ($568/sf). The property is located at 3420 E. Ontario Ranch Rd, west of I-15 and south of Hwy 60.
Built in 2020, New Haven Marketplace is situated on 10.6 acres and is fully occupied by Stater Bros, Starbucks, Chase Bank, Carl’s Jr, Great Clips, Rodeo X Public Market and Brew Haven.
The property is located at the signalized intersection of Ontario Ranch Rd and Haven Ave, and is just two miles west I-15. It is also near a number of other major retailers including The Home Depot, Walmart, Target, Costco, and T.J. Maxx, among others. There are more than 220,000 residents and more than 89,000 employees within a five-mile radius of the property.
Pat Kent and Parker Walter with SRS represented the seller, a California-based developer. The buyer, a California-based family office, was repped by Glenn Rudy of Newmark. According to Kent, the buyer was able to assume the property’s existing loan.
Per CoStar, the sale represents the lowest cap rate for a grocery-anchored shopping center in California over $50 mil over the last 12 months.
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