IE Business Daily Business news for the Inland Empire.
A neighborhood shopping center in Colton has sold for $8.8 million.
Los Compadres Plaza, 1035 S. Vernon Ave., is made up of four buildings that combined are about 93 percent occupied, according to Progressive Real Estate Partners in Rancho Cucamonga, which negotiated the sale.
Buyer and seller were both local entities whose names were not released. The seller was one of the project’s developers.
Built-in two phases in 1977 and 1980, Los Compadres Plaza is less than one-quarter of a mile from Interstate 215. It has no anchor tenant, but 82 percent of its occupants are described as “internet resistant,” including restaurants, medical users, and beauty salons.
Recent improvements to the property include painting, new roofs, and parking lot upgrades.
Los Compadres benefits from a strong demographic: more than 640,000 people and 21,000 businesses – 265,000-plus employees – are within an approximate 15-minute drive of the shopping center, according to Progressive.
