IE Business Daily Business news for the Inland Empire.
A regional shopping center in Apple Valley has been sold.
Apple Valley Towne Center changed hands for an undisclosed sum, according Hanley Investment Group in Corona Del Mar.
Hanley Investment represented the project’s owner and developer, Rich Development Enterprises in San Pedro. The buyer’s name was not released.
The 87,000-square-foot shopping center at 13930 Bear Valley Road opened early this year. Its three tenants – Hobby Lobby, Marshalls and Five Below – are all operating on long-term leases, according to Hanley Investment.
“We listed the property before the tenants opened for business, which gave the center early exposure and generated strong interest from private, mid-market and institutional investors,” said Kevin Fryman, executive vice president with Hanley Investment, in a statement
“Presenting the assets individually, and as a package, expanded the buyer pool.”
The property is at at Bear Valley and Apple Valley roads, an intersection used by approximately 75,000 vehicles on a typical day. Nearby retailers include Target, Home Depot, Lowe’s, WinCo Foods, Burlington, and PetSmart, according to the statement.
