After recently hitting the market, a shopping center in La Verne is offering potential buyers the chance to acquire one of three grocery-anchored retail centers in the immediate area. According to the listing by Faris Lee Investments, the fully occupied La Verne Plaza is selling for $17.72 million, or approximately $446 per square foot.
The 39,658 square-foot retail center is located at 2080-2086 Foothill Boulevard on nearly four acres of land. The property was built in 1978 and has recently undergone improvement — including new roofing and paint — by its current owner, a local family trust associated with Peter and Dorothy Katona. According to public records, the trust acquired the property in 2016 for an undisclosed amount.
The property is shadow anchored by both Stater Bros. Market and In-N-Out, with other tenants including Jo-Ann, H&R Block, Chase and several other local tenants as well. According to the offering memorandum, a majority of tenants have been at the property for at least 13 years. However its oldest tenant, Jo-Ann, has been at its current location for 44 years.
“The property creates an irreplaceable customer draw with a daily needs grocery anchor and a best-in-class quick serve restaurant along with a diverse tenant mix creating strong tenant synergy and an ideal crossover shopping environment,” the offering memorandum states.
With the current tenants, the property currently offers a net operating income of $939,339. About 65 percent of current leases also include annual rent increases.
The property’s location within La Verne also could serve as an additional benefit to potential buyers. Fronting Foothill Boulevard, the retail center sees more than 42,246 vehicles per day and is also in close proximity to state road 210. In addition, the property is located within La Verne’s primary shopping district, with nearby retailers like Sprouts Farmers Market, CVS, Starbucks and Rite Aid, among others.
The five-mile radius surrounding the property also sees about 279,900 consumers per day as well as 111,8000 daytime employees. In addition, the five-mile radius is home to 279,994 residents, with an average household income of $101,295.
Faris Lee Investments did not respond in time to comment.
