IE Business Daily Business news for the Inland Empire.
A neighborhood shopping center in Fontana has been sold..
Southridge Plaza, which covers nearly 120,000 square feet at Cherry and Live Oak avenues, sold for $20.6 million, Faris Lee Investments announced last week.
The seller was Fortress Investment Group, a private equity fund in Los Angeles.
San Diego-based Fontana Southridge Partners LP bought the property, which is anchored by a Rio Ranch Market. Other tenants include Rite Aid, Auto Zone, McDonald’s, Subway, and Waba Grill.
Faris Lee represented both parties in the negotiation
Because it’s the only shopping center in that part of Fontana, and because Rio Ranch Market and Rite Aid recently underwent major renovations, the property – which was built in 1991 – attracted several potential buyers, according to a statement
Based in Irvine, Faris Lee Investments advises its clients on the buying selling of retail properties. The company has been involved in more than $20 billion worth of transactions since it was founded in 1996, according to the statement.
