Throughout Southern California, retail assets have remained a fairly reliable property type, allowing sellers to test the market by placing properties up for sale. One property to recently be placed on the market is a 107,223 square foot shopping center in Hesperia. The property, Hesperia Square, is currently up for sale with guidance set at $18 million, or about $168 per square foot, according to a listing from Hanley Investment Group.
Hesperia Square is located at 17320 Main St. and is currently owned by Magal Properties LLC, an entity affiliated with Martin Gallegos, according to public records. The shopping center was built in 1983 and sits on nearly nine acres of land.
At 95 percent occupied, the property is anchored by both Vallarta Supermarkets and Dollar Tree. In total, Vallarta operates 53 grocers and has been at Hesperia Square since 2013. The latter of the two anchors operates 7867 stores throughout North America and has been at the Hesperia shopping center since 2016, according to the property listing.
Other tenants at the property include Firestone, Round Table Pizza, Herbalife and several others. The listing also shows that about 76 percent of the current tenants have operated at the shopping center since at least 2014.
Hesperia is located within the Inland Empire, approximately 80 miles northeast of Los Angeles. The area surrounding the shopping center is home to a number of other retail assets, with both Stater Bros. Markets and San Miguel Market located within close proximity of the property. The property is also a short commute to Interstate 15, providing easy access to San Bernardino to the south.
Overall, Hesperia is home to a growing population, with approximately 119,760 people residing within five miles of the shopping center. Those living in the five-mile radius have an average household income of $72,677 per year.