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| Vernola Marketplace, Jurupa Valley, CA |
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| Bryan Ley |
LOS ANGELES, CA – HFF announced today that it has closed the
$49 million sale of Vernola Marketplace, a retail power center located
in Jurupa Valley, California.
HFF marketed the property on behalf of the
seller, a joint venture between Rockwood Capital, Equity One, Inc. and
Vestar. Merlone Geier Partners
purchased the property, which included the assumption of existing debt.
Vernola Marketplace is located at 6205 Pats Ranch Road in Jurupa Valley,
adjacent to Interstate 15 with exposure to more than 314,000 cars per day.
The 22.2-acre site is situated 45 miles east of downtown Los
Angeles, 20 miles from Orange County, and eight miles from the LA/Ontario
International Airport.
Completed in 2007,
the 210,963-square-foot property is 84 percent leased to tenants including Ross
Dress for Less, Bed Bath and Beyond, Michael’s, Petco, BevMo!, Denny’s, Five
Guys Burgers and Fries, and Jamba Juice. The shopping center also features a 172,000-square-foot
Lowe’s that is not part of this
transaction.
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| John Crump |
The
HFF team representing the seller was led by managing director Bryan Ley,
director John Crump and senior managing director Michael Ross.
“Vernola Marketplace represented
another significant retail trade in the Inland Empire market within the past 12
months.
“The asset drew strong interest from both institutional and
regional real estate investors and represented an excellent acquisition
opportunity in a secondary market of Southern California,” said Ley.
“The center proved
especially appealing due to a terrific line-up of national tenants, continued
rental growth attributed to growing residential demand, and offered further upside
in the backfilling of the vacant junior-anchor box.”
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| Michael Ross |
Ley
continued, “The HFF investment sales team has completed more than $374 million
in retail sales in the Inland Empire in the past 36 months and this sale
further exemplified the desire of large institutions for top-tier, well-located
assets in this region.”
For a complete
copy of the company’s news release, please contact:
Kristen
M. Murphy
Associate
Director
HFF |
One Post Office Square, Suite 3500 | Boston, MA 02109
tel
(main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com
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