February 27, 2018
San Pedro, CA-based Rich Development Enterprises, LLC, divested a pair of retail properties in Hesperia, CA to an unnamed private 1031-exchange investor for $5.3 million. The newly-built, ground-up properties are occupied by Aldi Grocery Store and Dollar Tree, respectively.
Located at 13360 Main St. the first property, leased by Aldi, is 19,142 square feet and sold for roughly $2.9 million. Aldi, a leading global discount supermarket, recently signed a 20-year lease at the location.
The second, a 10,000-square foot property located at 13354 Escondido Ave., is leased by Dollar Tree and sold for $2.4 million. The company recently signed a 10-year lease term. Other retailers in the center include T-Mobile and Wendy’s.
Gateway Business Properties represented the buyer. CBRE’s Alex Kozakov and Patrick Wade advised the seller.
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