An Orange County investor has paid $42.3 million for a 168,000 square foot shopping center in Chino.
Santa Ana-based Red Mountain Retail Group has purchased the mall located at 11901-12089 Central Ave. in the city of Inland Empire, reported the Commercial Observer. The selling price is $252 per square foot.
The seller was Kimco Realty, a Long Island, New York-based real estate investment trust that claims to be the largest publicly traded owner-operator of grocery-anchored shopping malls in North America.
Newmark announced the deal, with Pete Bethea, Rob Ippolito and Glenn Rudy representing the seller.
“Red Mountain Group continues to be aggressive in its pursuit of acquiring quality retail businesses in Southern California and beyond,” Rudy said in a statement.
The mall just north of Highway 60 is anchored by Albertsons and includes PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams. It was 92% occupied at the time of the sale.
Red Mountain, founded in 1991 to redevelop struggling strip malls, has a commercial real estate portfolio of 92 properties, with more than 4.7 million square feet in 18 states, according to its website.
In September, he sold an Amazon Fresh grocery store complex on Los Angeles’ Westside for $35 million. She also sold a nearby building leased to Chick-fil-A for $13.7 million.
Kimco caused a national stir last year when it acquired Weingarten Realty Investors, owner of 159 grocery-anchored retail centers on the West Coast and Sun Belt, for $3.87 billion in cash and in shares.
It commanded top dollar in the Inland Empire counties of Riverside and San Bernardino in its $252-per-square-foot Chino sale.
In March, JH Real Estate Partners purchased a 310,000 square foot shopping center in Fontana for $70.8 million – the highest aggregate price paid for a retail property in the Inland Empire since 2018. is high at $228 per square foot, well ahead of other fully leased commercial properties anchored by other store types.
In the Inland Empire town of Montclair, a 136,000 square foot mall entirely leased to Ross Stores was on the market for $25 million, or about $184 per square foot.
[Commercial Observer] – Dana Barthelemy