Faris Lee Investments has completed the $20.7 million sale of Southridge Plaza, a 119,359-square-foot grocery/drug-anchored retail center in Fontana, Calif. The company represented both the seller, Fortress Investment Group, and the San Diego-based buyer, Fontana Southridge Partners LP.
Located at 11617 Cherry Ave. on 12.7 acres, the property is the only retail center servicing the prime residential area. Rio Ranch Market is the anchor tenant. The asset is nearly fully occupied by a tenants such as Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill and Cricket Wireless. Southridge Plaza was built in 1991 at the signalized intersection of Cherry Avenue and Live Oak Avenue. The property benefits from convenient access from interstates 10 and 15 and Highway 60.
PERFORMANCE IN THE MARKET
“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,” Donald MacLellan, senior managing partner at Faris Lee, said in prepared remarks. “Both Rio Ranch Market and Rite Aid had recently renovated and remodeled their stores adding further value to the quality asset. The buyer, which is a family office, is planning to hold for the long-term as a cash flow play.”
MacLellan worked with Faris Lee Investments Senior Managing Director Nicholas Coo and Director Joseph Chichester in the transaction. Coo and Chichester also negotiated the sale of Palm Canyon Shopping Center, a 40,000-square-foot Palm Springs retail asset.
Image courtesy of Faris Lee Investments