After it was recently developed, a 40,100 square foot retail asset in Fontana has hit the market. The property, which is part of the larger Citrus Crossroads shopping center, is for sale with an asking price of $22.6 million, or about $563 per square foot, according to the marketing brochure from Newmark.
Situated on a four-acre parcel at the corner of Citrus Avenue and Interstate 210, the property is marketed by Newmark’s William Bauman, Kyle Miller and Pablo Rodriguez.
The full shopping center was developed this year by Sage Investco, and in addition to the for-sale grocery store, the center is home to a Starbucks, Habit Burger Grill, FedEx and West Coast Dental. The grocery store tenant remains undisclosed, however the listing indicates that a 10-year lease for the site was recently signed.
The property is situated among other retailers as well as a large population. According to Newmark, a population of 316,396 with an average household income of $96,629 annually resides within a five-mile radius of the site. Moreover, the property sees a significant amount of traffic with the Foothill Freeway witnessing about 154,000 vehicles daily, and Citrus Avenue seeing about 30,700 cars per day.
“Fontana is a city in San Bernardino County, California. The United States Census Bureau estimated that Fontana’s 2020 population was 212,373, making it the second most populated city in San Bernardino County and the 21st largest in the state,” the marketing brochure states. “…The city has numerous local shopping centers, such as the Summit Heights Gateway/Falcon Ridge Town Center at the north end of the city and Palm Court in the southern section. The city also features commercial strip zoning along several of its major Avenues and boulevards such as the Miracle Mile straddling State Route 210 between Citrus and Sierra Avenues.”
