IE Business Daily Business news for the Inland Empire.
A neighborhood shopping center in Corona anchored by a Ralphs and a Dollar Tree has been sold.
Sierra del Oro Towne Centre covers 110,485 square feet at 2621-2721 Green River Road, and is fully occupied, according to Hanley Investment Group in Corona Del Mar.
Hanley Investment represented the seller, Cincinnati-based Phillips Edison & Company, which owns and operates grocery-anchored shopping centers nationwide. The buyer was a private investor in Northern California.
Cost of the transaction was not disclosed.
“Investor demand for grocery-anchored retail centers remains strong, driven by the stability and daily traffic that grocers like Ralphs generate,” said Ed Hanley, president of Hanley Investment, in a statement. “Both private and institutional buyers target these assets for their long-term income durability.”
The average household income within a one-mile radius of Sierra del Oro is more $145,000, and approximately 148,000 people live within a five-mile radius of the site, which is near the 91 Freeway.
