September 8, 2016
If you haven’t yet registered for Connect Inland Empire, here’s where to find out more and register for the October 6th conference.
Newport Beach, CA-based Pacific Development Group sold a 6,786-square-foot multi-tenant retail pad in a Walmart Supercenter-anchored center in Ontario, CA. The sale price of $5,968,800 represents a cap rate of 5.02% and $880 per square foot.
The transaction reflects the market strength for shadow-anchored, multi-tenant retail assets. It is a record low cap rate and the highest price per square foot for a multi-tenant pad building shadow anchored by Walmart in California.
Located on 1.05 acres at 1337 N. Mountain Ave, the building was 100% occupied by national and regional tenants.
Hanley Investment Group Real Estate Advisors’ Eric Wohl represented the seller. Coldwell Banker Best Realty’s Joong-In (James) Kwon represented the buyer, a private 1031 exchange investor based in Irvine, CA.
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