Apartment Income Investors Trades Inland Retail Asset
- Jul 16, 2018
Apartment Income Investors has sold Thomas Winery Plaza—a 99,838-square-foot shopping center in the Inland Empire—for $24 million in an all-cash transaction. The buyer is an international investor. The seller bought the asset in 2011 with acquisition financing originated by Bank of America, according to San Bernardino County records.
Located at the intersection of Vineyard Avenue and E. Foothill Boulevard in Rancho Cucamonga, Calif., the shopping center is positioned 2.5 miles north of the San Bernardino Freeway. Its tenant roster includes CVS Pharmacy, Fitness 19 and a number of restaurants. In addition to a number of other retail properties, the center is in close proximity to multiple residential assets. According to Yardi Matrix, more than 5,600 units are within two miles of Thomas Winery Plaza.
“This transaction is significant because our team was able to take over a listing from a previous firm after more than two years on the market and sell it to an all-cash buyer three weeks prior to our client’s loan maturing,” said El Warner, executive vice president & national director of Matthews, in a prepared statement.
Lindsay Tsumpes and El Warner of Matthews’ shopping center division represented the seller in the transaction. In May, a Matthews team closed the sale of a similarly sized asset in northern Alabama.
Image courtesy of Matthews