Institutional Demand is Still Strong for Grocery-Anchored Retail Centers
CORONA, Calif. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of Sierra Del Oro Towne Centre, a 110,004-square-foot Ralphs grocery-anchored shopping center located at the signalized intersection of Green River Road and Serfas Club Drive in Corona, Calif. The purchase price was $28.6 million. According to CoStar, this is the second grocery-anchored property to trade in the Inland Empire in the last 24 months.
Hanley Investment Group Executive Vice President Pat Kent, along with President Ed Hanley and Senior Associate Corey Olson, represented the seller, Cornerstone Development Partners of Irvine, Calif. The buyer, Phillips Edison & Company of Cincinnati, Ohio, represented themselves.
Built in 1991, Sierra Del Oro Towne Centre shopping center is located on 11 acres at 2621-2721 Green River Road in Corona. Tenants include Ralphs, Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. The shopping center was 94 percent occupied with strong historical tenants and anchors. According to Hanley Investment Group, 88 percent of the current tenancy has occupied space at the property for more than five years and 70 percent of the current tenancy has occupied space for over 10 years.
Hanley Investment Group has several grocery-anchored shopping centers listed for sale. “Buyers are willing to look in both primary and secondary markets outside of California in search of higher returns and more inventory,” Hanley noted.