Fontana, Calif., – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $20.675 million sale of Southridge Plaza, a 119,359-square-foot grocery/drug-anchored retail center in Fontana, Calif.
Donald MacLellan, senior managing partner, Nicholas Coo, senior managing director, and Joseph Chichester, director with Faris Lee Investments, represented the seller, Fortress Investment Group, a private equity fund, as well as the San Diego-based buyer, Fontana Southridge Partners, LP.
Southridge Plaza has experienced significant leasing activity over the last few years including the anchor tenant, Rio Ranch Market. The center is nearly 100 percent occupied by a well-rounded tenant mix of daily needs retailers including Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill and Cricket Wireless.
“This asset is the only neighborhood retail center serving the trade area which was very attractive to potential buyers,” said MacLellan. “Additionally, both Rio Ranch Market and Rite Aid had recently renovated and remodeled their stores adding further value to the quality asset. We had a strong amount of interest in the property and garnered multiple offers. The buyer, which is a family office, is planning to hold for the long-term as a cash flow play.”
MacLellan added: “Rio Ranch Market isn’t a national credit grocery brand, however, with eight stores open currently, it is one of Southern California’s stronger Hispanic supermarket chains. It has been doing extremely well in the local market which has a growing Hispanic demographic.”
Built in 1991 and located at 11617 Cherry Avenue, the property is situated on 12.7 acres of land and is located at the signalized intersection of Cherry Avenue and Live Oak Avenue. It is located in a prime residential area of Fontana and is the only retail center servicing the local area.
About Faris Lee Investments:
Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.