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Commercial Real Estate Transactions

SRS’ National Net Lease Group Announces $6 Million Sale of a Newly Developed Single-Tenant Property Occupied by Grocery Outlet in Norco, CA

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Commercial Real Estate Transaction Alert

SRS Real Estate Partners’ National Net Lease Group has announced the $6 million sale of a new construction, 18,000-square-foot, single-tenant property occupied by Grocery Outlet at 1428 Sixth Street in Norco, CA.

SRS National Net Lease Group’s Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a local developer. The buyer, a family partnership, was represented by Mark Bitterlin of Trust Real Estate Services.

Grocery Outlet opened its doors in May 2020 and is situated on 1.72 acres. It is the anchor tenant to the new Norco Gateway Shopping Center. Other tenants at the center include Taco Bell and 6,000 sf of future retail shops. Other nearby retailers include Rite Aid, Stater Bros, Boot Barn, 99 Cents Store, and Dollar Tree, among others.

“On behalf of the seller/developer, we went to market on this asset as a pre-sale opportunity during the COVID-19 crisis,” said Mousavi. “We are also in escrow on the adjacent Taco Bell property as part of a break-up strategy to maximize value for our client. The cap rate on the Taco Bell is in the low 3 percent range.”

“Discount, essential needs retailers are highly sought after by investors as they provide stability even during economic uncertainty,” said Luther. “This high-quality, newly constructed property offered the buyer a 10-year corporate guaranteed lease in a dense, infill area with high barriers to entry for development.”

“Despite being in the middle of the pandemic and county-wide closures during the marketing process, we were able to generate significant offer activity and manage through the financing process,” added Mousavi. “We continue to experience strong investor demand for essential use, net lease assets, particularly for grocery stores.” 

The property has a population of more than 284,000 residents and 84,000 employees within a five-mile radius. It is also adjacent to and highly visible from the 15 freeway.

SRS’ National Net Lease Group has continued its explosive growth in the past year, and plans to continue expansion of their teams across the country throughout the remainder of 2020. SRS’ National Net Lease Group and the western region of SRS’ Investment Properties Group successfully completed more than 300 sales to date in 2020.  Of those transactions SRS’ National Net Lease Group (NNLG) has closed 223 transactions since the COVID-19 crisis began. These transactions alone are valued at more than $965 million. Additionally, the group has more than 500 individual assets under LOI or in escrow and $1.8 billion in assets currently listed for sale.

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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Commercial Real Estate

CBRE Completes $6.3 Million Sale of 25-Unit Multifamily Community in Fontana, California to Private Local Buyer

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CBRE announced the sale of a 25-unit multifamily community in Fontana, California to a local private investor for $6.3 million.

Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented both the private seller and private buyer in the transaction.

Located at 8919 Mango Ave. in Fontana, the property, built in 1973, offers a mix of one-bedroom, two-bedroom (townhouse-style), and three-bedroom floorplans with an average unit size of 787 square feet. Units feature high speed internet access, air conditioning and heating, and kitchen appliances. Property amenities include on-site laundry, carport and surface parking, secure entry gate and lush landscaping.

“This 25-unit property is a quality asset with substantial value-add upside potential in one of the best performing cities of the Inland Empire,” said Torgerson. “The property has historically performed well and is poised for future rent growth as the new owner plans to strategically renovate the interior and exterior of the property.”

He added, “This was a transaction in which our team negotiated seller financing, allowing the seller to achieve their target pricing while simultaneously enabling the buyer to immediately cash flow.”

The community is walking distance to Veterans Park, Chaffey College Fontana Campus and various restaurant options. It is also near Kaiser Hospital Fontana, the Fontana Metrolink Transit Station, retailers and Interstate 10.

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Commercial Real Estate

Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA

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COMMERCIAL REAL ESTATE TRANSACTION ALERT

Progressive Real Estate Partners, the leading SoCal Inland Empire retail real estate brokerage firm, announced the sale of 4.84 acres of land at 1400 E. Arrow Highway in Upland, CA for $6.5M in an all-cash transaction.

The Landmark Company, which is a SoCal based real estate investment and development company, purchased the land and has partnered with Century Communities to build the Rose Glen residential development.

The neighborhood will feature 64 two-story single family detached homes with two-car attached garages for an overall density of 13.2 dwelling units per acre.  The homes are approximately 1,540 square-feet and will feature a Spanish Colonial and Santa Barbara architectural style. Additional neighborhood features will include open space to accommodate play areas, picnic tables, fitness stations and barbeque areas.  Grading is projected to start in July with the first Rose Glen homes being available in the 2nd quarter of 2024.

Progressive Real Estate Partners’ Senior VP Paul Galmarini and Investment Land & Sales specialist Chris Lindholm represented both the Inland Empire based private-party seller and The Landmark Company in the transaction.

Century Communities, Inc. is a publicly traded (NYSE: CCS) top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. The Colorado-based company operates in 18 states and over 45 markets including several developments in Southern California’s Inland Empire.

According to Galmarini, “Although the land was zoned light industrial the City of Upland had identified the area as being well suited for residential based on the adjacent uses and proximity to schools and other amenities. With the current housing shortage and California mandates to build more homes, cities across the Inland Empire are being very pro-active to identify new residential opportunities. The rezoning and entitlement process took approximately two years and during that time we worked closely with Landmark to obtain the necessary approvals.”

Lindholm added, “Rose Glen will be an excellent addition to the Upland community and offer prospective homebuyers a great opportunity to acquire a new home with modern interior features and convenient amenities. The property is also just a short distance from Downtown Upland which is undergoing a revitalization and features a variety of shops and restaurants with several new eateries opening this year. Additionally, the Downtown Upland Metrolink train station provides residents easy travel options between San Bernardino and Los Angeles.”

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Commercial Real Estate

CBRE Arranges $27.7 Million Sale of Meadows Village Center, a 67,336 SF Center Anchored by Regional Grocer Barons Market, Wells Fargo, Palomar Health, and others in Temecula, Calif.

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Multiple Bids Validates Continued Investor Demand for High-Performing, Grocery-Anchored Retail

CBRE announced the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center featuring Barons Market and CVS Pharmacy (not a part of the sale) in Temecula, California, to Newport Beach, California-based investor, RA Centers, for $27.7 million.

Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners – West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga, California.

Meadows Village Center is located at 31963 Rancho California Road on 7.98 acres in Temecula. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.

“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.

“CBRE generated significant offer activity from private 1031 exchange buyers and professional investors, largely fueled by the established Temecula location, Barons Market’s recent lease renewal and the seller’s investment in the property,” continues Slusher. “This sale validates that investor demand for high-performing, grocery-anchored retail continues to drive competitive bid scenarios.”

Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Road (22,550 CPD), connecting Meadows Village and Interestate-15 to the west.

Slusher, Voorhees, and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona, and Hawaii, representing the most accomplished retail investors in the U.S.

The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and also ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets, and parcelized disposition strategy opportunities.

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