|Upland Village, Upland, CA|
“Approximately 71 percent of the current tenancy had occupied space at the shopping center since 2010 or before and 60 percent of the tenants had more than five years remaining on their current term.”
According to Asher, Grocery Outlet having a new long-term corporate guaranteed lease and Dollar Tree having occupied its space at the property for 10 years and recently exercising its five-year option, were key attributes to the asset that attracted a multitude of investors to the property.
“Interest rates are going to have a substantial impact on values moving ahead for anchored shopping centers priced at $10 million and above in the Inland Empire.
"Unless there are compelling metrics such as reported high-volume store sales for anchor tenants within the shopping center, we anticipate values for the similar type of assets like Upland Village to transact at a six-percent cap and above moving ahead, if interest rates continue to stay at their current levels.”