September 8, 2016 Comments Off on Records Set in Walmart Supercenter-Anchored Pad Sale Views: 226 California, California News, Inland Empire, West

Records Set in Walmart Supercenter-Anchored Pad Sale

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.

Connect with Hanley’s Wohl

Connect with Coldwell Banker Best Realty’s Kwon

Connect with Pacific Development Group

For comments, questions or concerns, please contact Dennis Kaiser

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