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| The Shops at Village Grove Plaza, Corona, CA |
CORONA. CA - Hanley
Investment Group Real Estate Advisors, a nationally recognized real estate
brokerage and advisory firm specializing in retail property sales, announced
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.
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| Kevin Fryman |
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.
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.
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| Bill Asher |
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.
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.
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| Jeff Lefko |
“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.
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.
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| Ed Hanley |
"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.
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.
a three-tenant shop building and single-tenant Quick Quack Car Wash at the Sprouts-anchored Highland Village Shopping Center in Fontana;
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| Ranhee Im of ANA Capital |
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.
CONTACTS:
Kevin Fryman | Bill Asher
Hanley Investment Group
949.585.7674 | 949.585.7684
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