The Shops at Bear Valley, a 32k sf neighborhood shopping center in Victorville, sold for $9.8 mil. The four-building complex is situated on 5.81 acres at 13605 – 13631 Bear Valley Rd, south of Palmdale Rd and west of I-15.
The center was 95 percent occupied at the time of sale. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare, and others. The property is also anchored by Walgreens which was not a part of the sale.
Per CoStar records, this transaction represents the highest purchase price paid for a retail investment sale transaction in the High Desert communities of Victorville, Apple Valley, Hesperia, and Adelanto since 2011. The closing cap rate was 5.63 percent and the price per square foot was $306.
The Shops at Bear Valley is well-located along one of the area’s most heavily trafficked corridors. The asset benefits from being approximately one-half mile from the 544.5k sf Mall of Victorville Valley, anchored by Barnes and Noble, CinMark, Dick’s Sporting Goods, JCPenney, and Macy’s. Additional nearby national tenants Lowes, Kohl’s, Best Buy, Albertsons, CVS and Walgreens.
Shaun Riley, senior managing director with Faris Lee Investments, represented the buyer, a Beverly Hills-based investment company, as well as the seller, Santa Barbara-based Invest West Financial Corporation who developed the property in 2008.
“The property offered the buyer stable occupancy with several high-profile credit brands and included three undeveloped land pads which provided future upside upon buildout or selling off the land pads separately to owner/users,” said Riley.