Los Angeles, CA — Newmark announces it has completed the sale of Country Fair Shopping Center, a 168,264-square-foot, multi-tenant neighborhood shopping center in Chino, California for $42.25 million.
The property traded from a publicly traded real estate investment trust based in New York, to Red Mountain Group, a retail investment and redevelopment company with offices in California and Arizona. Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller in the transaction.
“The seller is a preeminent shopping center owner in the country, and our team was excited to represent such a prestigious client in the disposition of Country Fair Shopping Center,” said Rudy. “Red Mountain Group continues to be aggressive in its pursuit to acquire quality retail in Southern California and beyond. The buyer performed admirably, and this asset will be an excellent addition to its portfolio.”
Located at 11901-12089 Central Avenue in Chino, California, Country Fair Shopping Center is shadow anchored by Albertsons. The tenant roster also includes such prominent brands as PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams. The center was 92% occupied at the time of sale, and the new ownership will have the opportunity to add value via the lease up of remaining vacancy.
Country Fair Shopping Center benefits from a prominent location one block north of the 60 Freeway at the primary signalized intersection of Central Avenue and Philadelphia Street, which sees over 48,000 vehicles per day. The center is one of only four neighborhood centers serving the bedroom community of Chino, which is centrally located on the western edge of San Bernardino County, bordering both Los Angeles County to the west and Orange County to the South.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle.
Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022.
Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world.