February 27, 2020
Hanley Investment Group has completed the sale of a new-construction, single-tenant Sprouts Farmers Market at the Highland Village Shopping Center in Fontana, CA for $10.4 million on behalf of seller Adler Realty Investments.
The “break-up strategy” building closed with a record-low 5.19% cap rate and at a record-high price per-square-foot for a single-tenant grocery store in the Inland Empire.
Hanley Investment Group’s Kevin Fryman, Bill Asher and Jeff Lefko represented Adler in the transaction. The buyer, an unnamed private investor, was advised by Heidi Kim of TNG Real Estate Consultants of Brea, CA.
Adler recently completed the ground-up shopping center development, which is anchored by the Sprouts Farmers Market, and also includes service and food tenants such as Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s, Café Rio, Oggi’s Restaurant, Mountain View Tire & Auto Service, Pacific Dental and Quick Quack Car Wash (currently under construction).
The property is immediately adjacent to the 210 Freeway at the Sierra Avenue entrance/exit.
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