(EDITOR’S NOTE: The property sold for about $227.79 per square foot.)
The Inland Empire sale was the highest-valued retail property sale in the Inland Empire since 2018
Los Angeles – CBRE brokered the $70.5 million sale of Inland Empire Center, a more than 309,500-square-foot retail center located in Fontana, Calif., to JH Real Estate Partners, Inc., a privately held real estate investment company in Newport Beach, Calif.
Patrick Wade and Alex Kozakov of CBRE represented the seller, The Baralat Company, a Westlake Village, Calif.-based private real estate investment and asset management firm, in this transaction.
Located at 16701-16873 Valley Blvd., Inland Empire Center features a total of 16 parcels. The shopping center is 98.7 percent occupied, including such tenants as Cardenas Market, Ross, Planet Fitness, Regency Theatres, Burlington, Taco Bell, and other discount retail, daily needs, and casual-dining businesses. Completed in 1993, Inland Empire Center features 1,227 parking spaces. It sits at the intersection of Valley Boulevard and Sierra Avenue with a traffic count of 87,300 cars per day.
“The sale of Inland Empire Center illustrates the tremendous resurgence in demand for well-located Hispanic grocery store-anchored centers in infill markets in Southern California,” said Kozakov. “CBRE procured multiple offers, ultimately selecting a private capital group with investment and management experience in the greater Inland Empire market.”
Added Wade, “With over 1,100 feet of frontage along the 10 Freeway and on-ramp/off-ramp location, the Inland Empire Center boasts excellent accessibility and tenant visibility. Being located across the street from the Kaiser Permanente Fontana Medical Center and surrounded by rooftops only helps the daily foot traffic at the center.”
Retail vacancy levels are expected to decline in the Greater Southern California area, according to CBRE Q4 research. Experts also predict an increase in rental rates through 2026.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
