Newly Built Retail Property Sells in California
- Nov 11, 2019
Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners have brokered the sale of a two-tenant retail asset totaling 31,271 square feet in Rialto, Calif. The new owner paid $8.8 million for the building or an average of $281 per square foot. The property is occupied by an ALDI grocery store and footwear retailer WSS.
Hanley Investment Group and Progressive Real Estate Partners represented the seller, Power Mill LLC, a private partnership from Los Angeles, according to San Bernardino County records. The buyer, a San Fernando Valley private investor, was represented by Marcus & Millichap.
The building, located at 630-660 W. Foothill Blvd., was constructed in 2018 and is situated on 2.5 acres of land. The ALDI store occupies 18,841 square feet of the total space, while WSS takes up the remaining 12,430 square feet.
ALDI has a corporate-guaranteed long-term ground lease with fixed increases every five years and options to renew it. WSS, which moved from a smaller location it had occupied in Rialto for 15 years, has a long-term lease with similar terms.
The buyer was represented by Marcus & Millichap Senior Associate Doug Cole. Progressive Real Estate Partners Vice President Greg Bedell and Hanley Investment Group Executive Vice President Bill Asher and Vice President Jeff Lefko worked on behalf of the seller. Hanley Investment Group recently brokered the sale of a 8,745-square-foot retail property in Beverly Hills, Calif.