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| Foothill Crossing, 12181-12357 Foothill Boulevard, Rancho Cucamonga, CA |
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| Jeff Conover |
IRVINE, CA – Faris
Lee Investments, the nation’s largest retail-specialized investment sales and
advisory firm, has completed the $54 million sale of Foothill Crossing,
a 312,307-square-foot regional power center located at 12181-12357 Foothill
Blvd. in Rancho Cucamonga, Calif.
Built in 2004 and 2006, the property sits on just over 31
acres and is 90 percent occupied by a strong national credit tenant lineup
including Sears Grand, Total Wine & More, and Office Depot.
Jeff Conover
of Faris Lee Investments represented the seller and the developer of the
property, Foothill Crossing, LLC from Los Angeles. Dennis Vaccaro of
Faris Lee Investments represented the 1031 Exchange buyer, Tivoli Square
Apartments, LP.
“We targeted both
private and intuitional investors in our marketing strategy for Foothill
Crossing,” said Conover. “Additionally, the intrinsic value of the center and
its cash-on-cash return were key factors that garnered a strong amount of
interest and multiple offers.
“ We selected Tivoli Square Apartments, LP, an investment
group coming out of an apartment complex sale in a 1031 Exchange. This buyer was
also a logical fit as it already owns a number of nearby retail properties.”
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| Dennis Vaccaro |
“The buyer was attracted to Foothill Crossing because the
retail center has remained successful despite the recent recession, proving its
ability to attract and retain tenants. To that point, a vast majority of
tenants are renewing their leases as they roll,” said Vaccaro.
“The property also offered the buyer one of the best retail
locations in the Inland Empire as it is situated at the on/off ramp of Foothill
Boulevard and Interstate 15, and is directly across from the
1.5-million-square-foot Victoria Gardens lifestyle mall.”
Victoria Gardens is
anchored by Macy’s, JCPenney, AMC Theaters, and Bass Pro Shops, and is one of
the top performing retail centers in California, providing excellent tenant
synergy and strong crossover shopping.
Foothill Crossing also benefits from unobstructed retail
frontage of nearly a half-mile along Interstate 15, and approximately 1,600
feet of frontage along Foothill Boulevard. The average household income is in
excess of $89,000 within a 5-mile radius.
Faris Lee has
conducted multiple transactions with Foothill Crossing’s buyer and seller due
to the firm’s solid track record and experience in marketing multi-tenant
regional and community shopping centers throughout the Inland Empire over the
years.
Faris Lee’s most recent Inland Empire retail center
transaction was in late 2013 with the $13.2 million sale of The Monet at
Victoria Gardens Mall, a fully occupied, 31,407-square-foot retail center
located across the street from Foothill Crossing and fronting the mall. Tenants
at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza,
Pacific Dental and others.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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