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Hanley Investment Group Arranges Sale of Two Multi-Tenant Retail Buildings at Grocery-Anchored Shopping Center in Inland Empire for $5.2 Million

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Hanley Investment Group has sold 38 retail properties since COVID-19 was declared a pandemic on March 11 

July 27, 2020 — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of two multi-tenant retail buildings at Village Grove Plaza, a Stater Bros. Markets- and Crunch Fitness-anchored shopping center in Corona, California. The sale price was $5.2 million.

Hanley Investment Group’s Executive Vice Presidents Kevin Fryman, Bill Asher and Jeff Lefko, along with President Ed Hanley, represented the seller, a private investment group based in Denver, Colorado. The buyer, a private investor from Corona, California, was represented by Ranhee Im of ANA Capital of Los Angeles.

The Shops at Village Grove Plaza features a freestanding, six-tenant, 9,200-square-foot retail pad building and a two-tenant, 2,400-square-foot shop building adjacent Stater Bros. Markets. Totaling 11,600-square-feet, the buildings were built in 1976 on 0.93 acres at 1240-1282 Border Avenue in Corona and are part of the 56,100-square-foot Village Grove Plaza shopping center anchored by Stater Bros. Markets and Crunch Fitness.

The two buildings included a local tenant mix consisting of dental care, dry cleaners, laundromat, florist, donuts, liquor store, plus hair and nail salons. Village Grove Plaza shopping center sits between two signalized hard corners at Via del Rio and Border Avenue and Via Santiago and Border Avenue. Via del Rio is a connector road to the 91 Freeway, which has 257,000 cars per day.  

“We generated multiple offers including two from local buyers that bid up the sales price during one of the most challenging macro-economic environments in the last 10 years due to COVID-19,” said Fryman. “The high level of competitive interest was a testament to the location, grocery anchor and internet-resistant and daily-needs tenant mix. We were able to structure a mutually beneficial closing for both buyer and seller including closing escrow on the 180th day of the buyer’s extended 1031 exchange deadline.”

Fryman continues, “Stater Bros. Markets has operated at this location since 1976 and completing a recent remodel to enhance the store with interior upgrades and updated exterior signage featuring the company’s new logo, were important factors that attracted the buyer to the property. Stater Bros. creates more frequent trips to the center and cross-shopping and visits with the local tenant mix within the shop portion of the property.”

Located adjacent to Orange County, the city of Corona is the third-largest city in the Inland Empire. and has experienced a 27% population increase over the last decade. Currently, there are 194,000 people with an average household income in excess of $103,000 within a five-mile radius of the shopping center. Monster Energy, Zumiez, Jenson Bicycles and Medtronic all have major manufacturing facilities within the city. 

In the last six months, Hanley Investment Group has sold $75 million in retail properties in the Inland Empire including a three-tenant shop building and single-tenant Quick Quack Car Wash at the Sprouts-anchored Highland Village Shopping Center in Fontana; a single-tenant Smart & Final Extra! and a four-tenant shop building at the grocery-anchored Eastvale Marketplace Shopping Center in Eastvale; and a two-tenant retail pad building at the Sam’s Club-anchored The Marketplace at Ontario Center in Ontario.  

“COVID-19 has had a significant impact on the real estate industry. However, we continue to work with sellers and buyers who are still aggressively looking to source investment opportunities,” Hanley said. “Hanley Investment Group has sold 38 retail properties since COVID-19 was declared a pandemic on March 11. We continue to successfully transact during this historic time in the market and have a steady pipeline of current and future listings along with off-market investment opportunities.”

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

By Press Release

Asurion Tech Repair & Solutions™ Opens in Redlands 

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Asurion® Repair Experts Provide Fast Fixes on Phones, Tablets, Laptops, and More

A new electronics repair shop, Asurion Tech Repair & Solutions™, has opened in Redlands at 9980 Alabama St. The store offers professional fixes for most consumer electronics, from smartphones, tablets, and computers to game consoles, smart speakers, drones, and more.

While common repairs include cracked screens, battery issues, and water damage, the company’s repair experts have fixed millions of devices and can help with most any tech mishap, and many basic repairs can be completed in 45 minutes or less.

“I’m looking forward to the opportunity to introduce Asurion Tech Repair & Solutions to Redlands as we continue to serve this region,” said Damon Madison, Asurion Tech Repair & Solutions District Manager. “Our team prioritizes customer satisfaction above all else. By offering free diagnostics on all device issues, matching competitors’ prices, and guaranteeing fast-turnarounds on device repairs, we’re dedicated to making our customers’ experience affordable and convenient.”

The store’s expert repair technicians fix all kinds of technology, regardless of make or model, and the store is an authorized repair provider for Samsung Galaxy and Google Pixel smartphones. Customers can book a repair appointment online or stop by the store for walk-in service. The store offers free, no-obligation diagnostics on all gadgets, as well as a 1-year limited warranty on all repairs. It even offers a price match guarantee on any local competitor’s regularly published price for the same repair.

The new Asurion Tech Repair & Solutions store brings the company’s retail footprint to more than 750 locations across the U.S. Formerly known as uBreakiFix®, all U.S. locations will rebrand as Asurion Tech Repair & Solutions throughout 2022.

“We are excited to serve people in Redlands with fast and affordable tech repair,” said Dave Barbuto, CEO of Asurion Tech Repair & Solutions. “We all rely on our phones and laptops more than ever before, and our mission is bigger than repairing shattered screens and broken charge ports. We fix tech because people depend on it to stay connected to things that are important to them. I look forward to serving this community through our new location.”

The new store is located at:

Asurion Tech Repair & Solutions

9980 Alabama St Suite C, Redlands, CA 92374

(909) 801-3008

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By Press Release

New Partnership Announced; Stater Bros. Markets joins Entertainment Giant

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Toyota Arena has announced a new partnership with Stater Bros. Markets effective July 1, 2022.

Guests of the arena will soon be able to experience the new branding of the North Patio, which will include live concerts featuring local bands and up-and-coming professional talent. “We are thrilled to welcome Stater Bros. Markets as a partner to Toyota Arena,” said Michael K. Krouse, President & CEO. “It’s a natural fit – this is our community’s grocery store of choice and the amazing Stater Bros. Charities provides non-profit organizations in our local region with support. We are on board to help as well.”

The marketing amenities this partnership will provide Stater Bros. will include a presence on several assets including the arena’s Interstate 10 marquee, overhead LED scoreboard, television monitors throughout the facility, website, and more. The relationship created through this agreement will also provide benefits for Toyota Arena guests, including new Stater Bros.-inspired food and beverage options.

The benefits to the community will go beyond lifestyle and entertainment, however. Stater Bros. and Toyota Arena recognize the important role they play in the overall development of the City of Ontario. The city’s vigorous commercial and residential growth, and its status as a destination location will result in economic growth, jobs, and a thriving community. The partnership will also open up new opportunities to support the giving efforts of the market’s non-profit charitable arm, Stater Bros. Charities.

“This really is an exciting day for the entire Stater Bros. team. As a company, we work hard to establish great business relationships, and with Toyota Arena, we’ve found an excellent partner,” said Stater Bros. CEO Pete Van Helden. “I look forward to the new opportunities our partnership will bring and its benefits for the City of Ontario and the Inland Empire as a whole.”

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Business

IECE Presents its Inaugural State of Entrepreneur Report on Dec. 9

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The first-ever State of Entrepreneurship Address for the Inland Empire is being held by the Cal State San Bernardino Inland Empire Center for Entrepreneurship on Thursday, Dec. 9, from 5-8 p.m. at 4th Sector Innovations in Ontario. 

IECE’s goal in producing the State of Entrepreneurship research study is to bring the voice of local entrepreneurs to those who need to hear it most – local and state policymakers, community organizations, lenders, and other resource providers. 

The Voice of the Entrepreneur survey, on which the address is based, sends powerful feedback on the challenges that entrepreneurs and business owners of the Inland Southern California region face. 

Survey results were drawn out earlier this year by reaching out to IECE’s extensive network, consisting of more than 10,000 entrepreneurs and business owners representing a diverse group of industries. The IECE will continue to distribute the Voice of the Entrepreneur survey in the spring of each calendar year to find out what Inland Empire entrepreneurs and business owners are going through. 

The report is a potent tool for policymakers, economic impact drivers, and business owners and entrepreneurs to analyze growth potential within the region. Using measurable data, the goal is to identify the challenges and opportunities facing local business owners and obstacles that may be impeding business growth. 

The result is a concise report that gives insight into how we can effectively learn and evolve together with a regional focus. 

The evening will start and end with networking and food; in between, the SOER report will be presented, which includes examining the indicators of entrepreneurial activity and how the IE measures up as a region; learning of the Voice of the Entrepreneur direct survey results and the common themes, as well as an IE Ecosystem assessment; and regional perspectives from influencers that include: 

  • Rod Vandenbos, founder and CEO, buzzbox beverages, Indio; 
  • Mike Napoli, Tech Coast Angels, Palm Springs; 
  • Edward Ornelas, Jr. President, Inland Empire Regional Chamber of Commerce
  • Ana Karina Suchánek, president, Cask Restaurant Group, Inc., Rancho Cucamonga; and 
  • Pepi Jackson, president and CEO, Riverside Black Chamber of Commerce 

Click the following link – Secure Your Spot for the 2021 State of Entrepreneurship Address – to attend, network and learn more about entrepreneurship in the region. Whether you are a seasoned or soon-to-be entrepreneur, there is a perspective for everyone who wants to know more about how to strengthen the Inland Empire economy.

The presentation will unveil breakthrough metrics and perspectives on the State of Entrepreneurship throughout the Inland Empire, including: 

  • Why a report like this is essential for the collective growth of our region; 
  • What the report consists of: indicators for entrepreneurship and what real entrepreneurs in our communities are telling us through our Voice of the Entrepreneur survey results; and
  • Regional perspectives from influencers and officials that are active in our ecosystem. 

The event will also include food and cocktails while networking within an inspirational setting at 4th Sector Innovations Ontario. 

To learn more, visit the IECE State of Entrepreneurship Report website

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