IRVINE, Calif. – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $54 million sale of Foothill Crossing, a 312,307-square-foot regional power center located at 12181-12357 Foothill Blvd. in Rancho Cucamonga, Calif. Built in 2004 and 2006, the property sits on just over 31 acres and is 90 percent occupied by a strong national credit tenant lineup including Sears Grand, Total Wine & More, and Office Depot.
Jeff Conover of Faris Lee Investments represented the seller and the developer of the property, Foothill Crossing, LLC from Los Angeles. Dennis Vaccaro of Faris Lee Investments represented the 1031 Exchange buyer, Tivoli Square Apartments, LP.
“We targeted both private and intuitional investors in our marketing strategy for Foothill Crossing,” said Conover. “Additionally, the intrinsic value of the center and its cash-on-cash return were key factors that garnered a strong amount of interest and multiple offers. We selected Tivoli Square Apartments, LP, an investment group coming out of an apartment complex sale in a 1031 Exchange. This buyer was also a logical fit as it already owns a number of nearby retail properties.”
“The buyer was attracted to Foothill Crossing because the retail center has remained successful despite the recent recession, proving its ability to attract and retain tenants. To that point, a vast majority of tenants are renewing their leases as they roll,” said Vaccaro. “The property also offered the buyer one of the best retail locations in the Inland Empire as it is situated at the on/off ramp of Foothill Boulevard and Interstate 15, and is directly across from the 1.5-million-square-foot Victoria Gardens lifestyle mall.”
Victoria Gardens is anchored by Macy’s, JCPenney, AMC Theaters, and Bass Pro Shops, and is one of the top performing retail centers in California, providing excellent tenant synergy and strong crossover shopping. Foothill Crossing also benefits from unobstructed retail frontage of nearly a half-mile along Interstate 15, and approximately 1,600 feet of frontage along Foothill Boulevard. The average household income is in excess of $89,000 within a 5-mile radius.
Faris Lee has conducted multiple transactions with Foothill Crossing’s buyer and seller due to the firm’s solid track record and experience in marketing multi-tenant regional and community shopping centers throughout the Inland Empire over the years. Faris Lee’s most recent Inland Empire retail center transaction was in late 2013 with the $13.2 million sale of The Monet at Victoria Gardens Mall, a fully occupied, 31,407-square-foot retail center located across the street from Foothill Crossing and fronting the mall. Tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza, Pacific Dental and others.