Inland Empire Retail Center Fetches $15M
- Jan 13, 2016
Rancho Cucamonga, Calif.—A 25,002-square-foot neighborhood retail center has changed hands in San Bernardino County with the help of HFF.
Working on behalf of seller Day Creek Village LLC, an HFF investment sales team led by CJ Osbrink and Gleb Lvovich closed the $15.8 million sale of Day Creek Village, a retail center located at 12223-12273 Highland Ave. in Rancho Cucamonga, Calif. Passco Cos. LLC of Irvine, Calif. acquired the property.
“This property is a strong addition to our portfolio based on its excellent tenant mix and local demographics,” Bob Peterson, vice president of retail acquisitions for Passco Cos., said in a statement. “We continue to seek stabilized retail assets in growing markets with the potential for strong performance over time.”
Located at the intersection of Highland Avenue and Day Creek Boulevard in the Inland Empire-area community of Rancho Cucamonga, the Day Creek Village retail center was 100 percent occupied at the time of sale. Shadow-anchored by a Ralph Fresh Fare grocery store, the center is home to 14 tenants, including Starbucks, Wells Fargo, Supercuts and Orange Theory Fitness.
Day Creek Village offers immediate access to the Foothill Freeway, and is conveniently positioned in a community which has a median household income 47 percent higher than the Inland Empire as a whole. The average household income in the one-mile radius of the retail center is $111,000.
Image courtesy of Peninsula Retail Partners