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Fontana shopping center sold

Foothill Village, a 25,000-square-foot unanchored retail center in Fontana, has been sold.

The property at 14755 Foothill Blvd. changed hands for $5.3 million, according to a statement released by Progressive Real Estate Partners in Rancho Cucamonga.

Progressive marketed the property and represented buyer and seller, both of which were Los Angeles-based investors whose names were not released.

“Unanchored retail centers like Foothill Village have been one of the most challenging type of assets to sell during the pandemic,” said Greg Bedell, vice president of investment sales with Progressive and a member of the negotiating team.

“Fortunately most of the Foothill Village tenants weren’t significantly impacted and, for those that were affected, we worked closely with the ownership to address any rent concerns.”

Built in 2006, Foothill Village is 100 percent occupied by 13 food and service retailers. More than 140,700 residents – with an average household income of nearly $90,000 – live within three miles of the development.

The shopping center is within 7.3 million square feet of industrial distribution facilities and is next door to Heritage Village, a master-planned community with 3,330 single-family homes, according to the statement.

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