IE Business Daily Business news for the Inland Empire.
A building in Fontana that is home to a Sprouts Farmers Market has been sold.
The 30,000 square-foot structure in the Highland Village Shopping Center sold for $10.4 million, according to a statement released by Hanley Investment Group, a real estate investment advisory company in Corona del Mar.
That works out to approximately $3.46 per square foot, believed to be a record for a single-tenant grocery store in the Inland Empire.
Hanley Investment represented the seller, Adler Realty Investments Inc., in Woodland Hills. The buyer, a private investor whose name was not released, was represented TNG Real Estate Consultants in Brea.
Sprouts is the anchor tenant at the recently completed shopping center, which is across from the Fontana Auto Center and the Fontana Promenade. It’s also near the Foothill Freeway’s Sierra Avenue exit, which is passed by nearly 120,000 vehicles per day.
Other Highland Village tenants include Jack in the Box, Raising Cane’s Chicken Fingers and Jersey Mike’s Subs.
About 10,000 new residential units are proposed to be built within two and half miles of Highland Village Shopping Center, according to the statement.
