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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.

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Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

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San Francisco based Stockbridge acquires 100% leased assets in premier IE West location

Cushman & Wakefield’s EDSF also sources acquisition financing for transaction

Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

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Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

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Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

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