Commercial Real Estate Transactions
Walton Sells 372 Lots to D.R. Horton for Residential Development in Southern California’s Inland Empire

COMMERCIAL REAL ESTATE TRANSACTION ALERT
Walton, a real estate investment and land asset management company with US$3.39 billion under management, has sold 276 lots in Victorville and 96 lots in Moreno Valley, both located in the Riverside-San Bernardino-Ontario metropolitan area, to D.R. Horton, the largest homebuilder by volume in the United States.
The Victorville sale of 52 acres for a planned community named Santolina closed in March 2021 and is located in the West Creek master plan at Mojave Drive and Cobalt Road. The San Bernardino County pre-development land is planned for 276 single-family homes ranging from 1,602 to 2,617 square feet offering a variety of homes for individuals, families and multi-generational households. Development of the property is anticipated to begin this spring with home sales expected to start in summer 2021.

Victorville is a leading city for both industry and retail in the High Desert region. It is a growing, vibrant community, home to mountain vistas and family-friendly recreational activities including Spring Valley Lake, and within a few hours of SoCal beaches, national parks and mountain retreats. Located within a 10-minute drive of shopping centers and restaurants, three schools are adjacent to the property including a charter school, elementary and middle school. I-15 provides convenient access to employment centers located throughout the Riverside-San Bernardino area.
In a second transaction, Walton sold 30 acres located at Alessandro Boulevard and Brodiaea Avenue in the planned community called Del Sol in Moreno Valley. The final platted property is intended for 96 single-family homes ranging from 1,978 to 2,722 square feet. Walton entered into a residential land option agreement with D.R. Horton who acquired the land to develop the community perfect for first-time homebuyers. Development of the property is anticipated to begin this spring with home sales anticipated in late fall 2021.
Moreno Valley is the second-largest city in Riverside County, offering a family-friendly community and good access to one of the most active employment corridors in the Inland Empire. The community features acres of parks, bike paths and scenic vistas and is home to schools, great dining, the Cottonwood Golf Center and March Field Air Museum.

The Victorville and Moreno Valley properties are located in the expanding residential areas of the Inland Empire of southern California, 45 minutes from Ontario Airport and provide commuter access to downtown Los Angeles and San Diego.
“We are excited to support the delivery of new homes in highly desirable communities like Victorville and Moreno Valley, which are prime for residential development,” said Ed Hadley, Executive Vice President of Builder Land Acquisition for Walton. “These new-home communities contribute to the greater infrastructure of the Inland Empire region and provide affordable single-family living as well as an attractive investment opportunity, which is one of Walton’s exit-focused strategies working with national builders to acquire land.”
Walton currently has several thousand acres under management in the Inland Empire area and is actively working on a number of additional land opportunities in the area.
Walton’s portfolio of more than 105,000-acres located across the United States and Canada, provides
a scalable land acquisition platform to support homebuilders with just-in-time inventory. Walton’s approach is an innovative response to secular shifts in the land development industry.
For more than 40 years, Walton has researched, planned, and structured pre-development land investments located in the major growth corridors throughout the United States and Canada. The evolution of Walton has opened the door to creating additional opportunities for investors and home builders alike.
Commercial Real Estate
CBRE Completes $6.3 Million Sale of 25-Unit Multifamily Community in Fontana, California to Private Local Buyer

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

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.”
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.

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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