After being placed up for sale earlier this year, Foothill Village Plaza has traded hands. The 87,650 square foot retail center sold for $24.3 million, or about $277 per square foot, according to a closing announcement from CBRE’s National Retail Partners-West team, which brokered the deal. Public records show that the property was acquired by Top Property Group, an entity linked to Hilda and Frank Zeng. The buyer was Foothill Village LLC, an entity linked to Gregg Nelson of Trumark Group of Companies.
The property is located at 9309 Foothill Boulevard on more than eight acres. Built in 1990, the property consists of four buildings and 439 parking spaces. The property is home to a large mix of both national and regional tenants, with retailers including Chuck E. Cheese, NAPA Auto Parts, Edible Arrangements and Waba Grill, according to CBRE.
Foothill Village Plaza is located at the corner of Foothill Boulevard and Hellman Avenue with various retail assets surrounding it, including Albertsons, Chuze Fitness and more. The area is home to a large population as well with more than 177,500 people living within a three-mile radius with an average household income of more than $106,500, according to CBRE.
Top Property Group has been active throughout the Inland Empire over the last several quarters. In October, the same entity sold a 306,366 square foot industrial property for $16.25 million and was acquired with a $9.14 million loan from Bank Five Nine The s, previous reporting from The Registry shows. The property is located at 17300 Silica Dr. in Victorville on more than 40 acres. The buyer in the transaction was Silica Investments LLC.
