Southridge Plaza, a 119,359-square-foot grocery- and drug-anchored retail center in Fontana, CA sold for nearly $20.7 million. The seller was private equity fund Fortress Investment Group, and the San Diego-based buyer was Fontana Southridge Partners, LP.
Built in 1991 and located at 11617 Cherry Ave., the property is situated on 12.7 acres of land. The nearly 100%-occupied center experienced significant leasing activity recently, including an anchor tenant in Rio Ranch Market, and has a well-rounded tenant mix of daily needs retailers including Rite Aid, AutoZone, McDonald’s, Subway, Waba Grill and Cricket Wireless.
Faris Lee Investments’ Donald MacLellan, Nicholas Coo and Joseph Chichester represented both parties.
MacLellan says, “This asset is the only neighborhood retail center serving the trade area, which was very attractive to potential buyers. Additionally, both Rio Ranch Market and Rite Aid had recently renovated and remodeled their stores adding further value to the quality asset.”