February 15, 2017
Upland Village, a 60,857-square-foot grocery-anchored shopping center in Upland CA, sold for $17.2 million. The sales price represents a cap rate of 5.8%, a record low for a stabilized grocery-anchored shopping center in the Inland Empire.
Grocery Outlet and Dollar Tree anchor the 100%-leased neighborhood retail center, that was built in 1972 on 3.9 acres and is located at 110, 130, 140 and 180 Mountain Ave.
Hanley Investment Group’s Ed Hanley and Bill Asher, along with Voit’s Joe Miller, represented the seller, Orange County-based Outpost Village, LLC. RE/MAX Realty 100’s Peter Loh and RE/MAX Vantage’s Paul Yang advised the buyer, an undisclosed SoCal-based private investor.
Hanley said, “Neighborhood shopping centers with successful grocers that satisfy the daily and weekly needs of consumers are a great hedge against an economic downturn. This type of well-located shopping center will continue to be in high demand across Southern California and the U.S. for the foreseeable future.”
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