COMMERCIAL REAL ESTATE TRANSACTION ALERT
Single-Tenant Sit ‘n Sleep Sells for $3,250,000 in the Break-up Strategy Executed at Highland Village Shopping Center
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 a new construction, single-tenant retail building occupied by Sit ‘n Sleep at Highland Village Shopping Center, a new Sprouts-anchored shopping center in Fontana, California. Hanley Investment Group has sold a total of $30 million in retail properties at Highland Village Shopping Center in Fontana, California.
Hanley Investment Group’s Executive Vice Presidents Kevin Fryman, Bill Asher and Jeff Lefko represented the seller, Adler Realty Investments, who completed the ground-up shopping center development in 2018-2019. The buyer was a private 1031 exchange investor based in the Inland Empire.
The sale of the single-tenant, triple-net leased 8,400-square-foot retail property occupied by Sit ‘n Sleep and built in 2019 is situated on 1.03 acres adjacent to Sprouts at 16948 S. Highland Avenue. The purchase price was $3,250,000.
Sit ‘n Sleep is the largest family-owned mattress retailer in California and was founded in 1979 by Larry Miller and his father Phillip Miller. Today, the chain is run by Larry Miller as CEO and Nelson Bercier, Sit ‘n Sleep President who work in tandem to manage the day-to-day operations. Now, the 41-year-old company has 36 stores located throughout Southern California.
“Sit ‘n Sleep benefitted when consumers started investing in new mattresses and furniture during the COVID-19 pandemic shutdowns and we anticipate that consumers’ focus on the home will continue, and that will bring more spending on home products like mattresses,” noted Fryman.
In addition to a 30,000-square-foot Sprouts Farmers Market, the shopping center includes Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant, Pacific Dental, Quick Quack Car Wash, Mountain View Tire & Auto Service. The shopping center is immediately adjacent to the 210 Freeway at the Sierra Avenue entrance/exit.
Last year, Hanley Investment Group’s Fryman, Asher and Lefko arranged the sales of a 7,500-square-foot multi-tenant retail shop building adjacent to Sprouts and a new Quick Quack Car Wash ground lease at the Highland Village Shopping Center. Hanley Investment Group’s sale of Quick Quack Car Wash was the first single-tenant Quick Quack to sell as a net-leased investment in California. In 2019, Fryman, Asher and Lefko arranged the sales of Sprouts, Mountain View Tire & Auto Service, Raising Cane’s and Jack in the Box, each as separate, single-tenant transactions at Highland Village Shopping Center.
“We were able to maximize value for the seller through individual sales to private, non-institutional investors in a price range of $2 million to $10 million, a price range that greatly appeals to the largest buyer pool in the retail investment industry,” said Asher. “Investors recognized that this shopping center and its location and demographics offered long-term security and stability in a growing area.”
Asher noted there are 325,000 people within a 5-mile radius and an average household income of $89,000 within a 1-mile radius of the shopping center.
The sale of Sit ‘n Sleep in Fontana marks the second sale of a single-tenant mattress investment sold in California since March of 2020. Hanley Investment Group also sold the previous single-tenant mattress investment property, a Mattress Firm in Mountain View.
Inland Empire Regional Chamber of Commerce Welcomes Hawaii Chamber as Honorary Global Member
Empowering Future Generations: IERCC and Chamber of Commerce Hawaii Forge Partnership for Youth Development
In a landmark meeting that signifies the growing collaboration between regional chambers of commerce, the Inland Empire Regional Chamber of Commerce (IERCC) proudly welcomed the Chamber of Commerce Hawaii as an Honorary Global Member. This momentous occasion was marked by a ceremonial presentation led by Eddy Sumar, MBA, CCE, CICE, a distinguished member and Chair of the Education and Youth Skills Development Liaison at IERCC.
Eddy Sumar, renowned for his passionate advocacy for youth education and skill development, met with Sherry Menor-McNamara, CCE, President & CEO, and Tyler Hunt, Associate Vice President of Membership Services, of the Chamber of Commerce Hawaii. The meeting was not just a formal presentation but also an opportunity to share the innovative approaches IERCC is employing to champion youth development.
In a unique and inspiring gesture, the Chamber of Commerce Hawaii representatives were introduced to IERCC’s youth initiatives through a trilogy of educational books authored by Eddy Sumar himself. These books – “A Treasure Hunt With OTIS,” “The Hidden Dreams,” and “The Cutting Edge” – are a testament to Sumar’s dedication to empowering the youth. Each book addresses critical areas of youth development:
- “A Treasure Hunt With OTIS” provides wisdom to guide young lives.
- “The Hidden Dreams” unlocks the potential of identifying and pursuing youthful aspirations.
- “The Cutting Edge” offers vital insights into understanding credit and financial literacy.
Edward Ornelas, Jr., President & CEO of the Inland Empire Regional Chamber of Commerce, expressed his enthusiasm for this new partnership, stating, “This collaboration with the Chamber of Commerce Hawaii represents a significant step in our ongoing commitment to foster the leaders of tomorrow. By combining our resources and expertise, we can more effectively prepare our youth for the dynamic world they will inherit. Our shared vision for youth development and education is the cornerstone of this partnership.”
The Chamber of Commerce Hawaii expressed its enthusiasm for the collaboration, recognizing the value of the resources provided by IERCC. This partnership is a significant step towards a shared goal of fostering a brighter future for youth through education, skill development, and empowerment.
The Inland Empire Regional Chamber of Commerce is enthusiastically developing plans to launch a summer internship program exclusively for students from the Inland Empire, offering them the opportunity to travel to Hawaii for this enriching experience. This initiative, which stems from the IERCC’s recent collaboration with the Chamber of Commerce Hawaii, is focused on providing Inland Empire students with a unique opportunity to immerse themselves in the diverse business and cultural environment of Hawaii. The program aims to equip these students with invaluable hands-on experience in various industries, enhancing their skills and broadening their perspectives. This visionary approach underscores the IERCC’s dedication to fostering the professional and personal growth of its youth, preparing them for successful careers in an increasingly interconnected world.
The IERCC is committed to continuing these collaborative efforts and looks forward to a fruitful and impactful partnership with the Chamber of Commerce Hawaii, collectively striving to nurture the leaders of tomorrow.
Corona Factory Files Landmark Trade Secret Lawsuit in New Hampshire Federal Court
Leading Private Label Company Alleges Massive Data Breach by SGS North America, Inc., Threatening Millions in Investment and Profits
Amid a surge of corporate theft nationwide, U.S. Continental Marketing, Inc. has initiated trade secret litigation against SGS North America, Inc. alleging misappropriation of proprietary and confidential chemical formulations that may cost U.S. Continental millions of dollars.
The largest private label leather and fabric care company in the world, U.S. Continental operates out of a 100,000 square foot factory in Corona, California, and partners with popular footwear, fashion, and furniture brands such as Birkenstock, Timberland, and Michael Kors to develop a range of products. The company provides commercial packaging solutions as well.
In its complaint filed last week in the U.S. District Court for the District of New Hampshire, U.S. Continental alleges that earlier this year, it spent millions to develop five unique and secret chemical formulations for an unnamed customer for use on branded textiles. Those formulas were sent to SGS North America for independent testing. David Williams, U.S. Continental’s President, explains, “Leading up to its testing, we made very clear to SGS that the confidentiality of any and all information about our formulations was critical. Third parties, and even our customers, could not be privy to our proprietary data and SGS knew that.”
Williams added, “To put a finer point on the sensitivity of the formulations in question, we negotiated an ironclad NDA with SGS, which it signed, promising not to disclose confidential information related to our formulations to anyone without written approval.”
U.S. Continental’s complaint alleges that despite its assurances, SGS twice sent detailed, unredacted testing reports directly to the customer in August, revealing specifics about the chemical formulations SGS promised to keep under wraps.
According to Williams, “By virtue of SGS’s indiscretion, which one of its Vice Presidents cavalierly claimed was a ‘mistake,’ our customer was sent all the information it needed to manufacture essential chemical formulations on its own. That puts at risk the $2 million we invested in R&D, along with another $20 million or so in profits from our manufacturing agreement with the customer. It only gets worse from there if SGS discloses our proprietary information—which it refuses to return—to any others.”
Jeffrey Farrow, a partner at Michelman & Robinson, LLP, which represents U.S. Continental along with local counsel in New Hampshire, says, “It’s beyond crucial that trade secrets, like my client’s chemical formulations, be carefully safeguarded. By failing to do so, SGS breached its NDA—a breach that continues given that the data at issue has yet to be returned despite multiple requests from U.S. Continental. This is simply unacceptable and through this lawsuit, we want SGS to know that its unlawful disclosure of trade secrets, and unlawful retention of them, won’t go unchecked.”
The lawsuit is currently pending and U.S. Continental is awaiting a response from SGS.
Alibaba.com Partners with Inland Empire Regional Chamber of Commerce to Launch California Pavilion
In a landmark initiative, Alibaba.com, a global leader in e-commerce, has announced a strategic partnership with the Inland Empire Regional Chamber of Commerce (IERCC) to bolster business opportunities for Small and Medium-sized Enterprises (SMEs) in California. This historic collaboration is set to unveil the California Pavilion on Alibaba.com, a pioneering platform promoting the “Made in California” brand to a global audience.
Join us for a special event where Mattia Miglio, Director of North America Business Development at Alibaba.com, will introduce the California Pavilion alongside representatives from the IERCC. This digital hub is the first of its kind, designed to connect California’s SMEs with international buyers, importers, and distributors, marking a significant milestone in global business expansion.
This initiative sees the convergence of several key trade associations including the California Trade Alliance, California Hispanic Chamber of Commerce, and Valley Industry & Commerce Association, all coming together to transform the SME landscape in California.
As part of the California Pavilion, members will receive an exclusive membership package offering numerous benefits designed to elevate businesses to new heights. This initiative not only supports business growth but also aligns with Alibaba’s vision of empowering SMEs in the global market.
The Inland Empire Regional Chamber of Commerce stands as a pivotal partner in this venture. Known for its innovative approaches and customized support for businesses, the IERCC plays a crucial role in guiding enterprises in the Inland Empire, from startups to established companies.
“We are thrilled to partner with Alibaba.com in this groundbreaking initiative. The California Pavilion is more than just a digital platform; it’s a beacon of opportunity for small and medium-sized enterprises across California. This collaboration is a testament to our commitment to empowering local businesses, giving them the tools and exposure they need to thrive in the global marketplace. We believe that through this partnership, we can elevate the ‘Made in California’ brand to new heights and open doors for unprecedented growth and success for our members”, stated Edward Ornelas, Jr., President & CEO of the IE Chamber.
We invite businesses to explore the advantages of joining the California Pavilion. Learn how this platform can revolutionize your business prospects and connect you with the global market.
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