Across Southern California, retail assets continue to perform well, with a number of sales to show for it. In one recent transaction that closed on Dec. 2, an entity affiliated with Forbix paid $12,99 million, or nearly $150 per square foot for a 86,674 square foot retail center in Victorville. The seller in the transaction was an entity linked to Jaekyong L Han.
The retail asset is located at 12410 Amargosa Road on approximately six acres. The property was built in 1990 and is part of a shopping center that is home to retailers like Party City, 99 Cents Only and PetSmart.
The new owner of the property, Forbix, is a real estate advisory and investment firm with offices in California and Mississippi. Currently, the company has more than 500 units under development, with a value of more than $250 million across the United States.
The property is adjacent to The Mall of Victor Valley, just off Interstate 15. Other nearby retailers are also located within close proximity, with shopping centers including Dunia Plaza and Victor Valley Plaza.
Overall, the Inland Empire’s retail market has remained stable throughout the last several months. A third quarter retail market report from Kidder Mathews shows that vacancy rates in the Inland Empire have continued to go down during the third quarter of the year, while rental rates rose.
Year-over-year, rental rates for retail assets in the Inland Empire increased by nearly six percent from $19.14 per square foot to $20.27 percent. At the same time, vacancies decreased by more than 13 percent from 6.8 percent to 5.9 percent. Average sales price also increased from the third quarter of 2021 to 2022 from $230 per square foot to $279 per square foot.