IE Business Daily Business news for the Inland Empire.
A retail center in Victorville has been sold for $6.1 million.
Victorville Pavilion, an 11,680-square-foot development at 14190 Bear Valley Road, was sold by a private investor to another private investor, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the seller. Both parties wished to remain anonymous.
Built in 2004, Victorville Pavilion’s includes T-Mobile, OneMain Financial, Armed Forces Career Center, and an orthodontist’s office.
“This transaction reflects continued investor demand for credit-oriented retail assets in growing Inland Empire submarkets, where fundamentals, yield, and tax efficiency continue to align,” said Lance Mordachini, vice president of investment sales with Progressive, in a statement. “The buyer was motivated by the combination of tenant credit, strong investment fundamentals, and accelerated depreciation.”
Victorville Pavilion is next to the Mall of Victor Valley, which draws more 4.5 million annual visitors a year, according to Progressive.
Sure hope the seller takes his money and gets the hell outta Commiefornia, the best thing he could do….