IE Business Daily Business news for the Inland Empire.
CBRE has negotiated the sale of the Inland Empire Center in Fontana.
The retail center, which covers nearly 310,000 square feet, sold for $70.5 million to to JH Real Estate Partners, Inc., a real estate investment company in Newport Beach, according to statement released today.
The seller’s name was not disclosed.
Built in 1993, Inland Empire Center is made up of 16 parcels at 16701-16873 Valley Blvd. and is close to fully occupied. Its tenants include Cardenas Market, Ross, Planet Fitness, Regency Theatres, Burlington and Taco Bell.
“The sale of Inland Empire Center illustrates the tremendous resurgence in demand for well-located Hispanic grocery store-anchored centers in infill markets in Southern California,” said Alex Kozakov, CBRE senior vice president and a member of the negotiating team, in the statement. “CBRE procured multiple offers, ultimately selecting a private capital group with investment and management experience in the greater Inland Empire market.”
