July 18, 2017
Sierra Del Oro Towne Centre, a 110,004-square-foot Ralphs grocery-anchored shopping center in Corona, CA, has sold for $28.6 million. Built in 1991, Sierra Del Oro Towne Centre is located on 11 acres at 2621-2721 Green River Road.
Hanley Investment Group’s Pat Kent, Ed Hanley and Corey Olson represented the seller, Irvine, CA-based Cornerstone Development Partners. The buyer was Cincinnati-based Phillips Edison & Company, which was self-represented.
“The market for grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange buyers,” said Hanley. “So far, this year, we have seen an increase in the supply as sellers recognize that this is an ideal time to sell.”
The 94%-occupied shopping center boasts a strong historical tenant and anchor base, including 88% of current tenancy in place for more than five years and 70% for over 10 years.
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