IE Business Daily Business news for the Inland Empire.
A small shopping mall next to Victoria Gardens in Rancho Cucamonga has been sold.
The Monet at Victoria Gardens Mall, a 31,407-square-foot retail center, sold for $13.2 million, according to a statement released by Faris Lee Investments.
Fit Development LLC in Sacramento bought the property from Monet in Rancho Development LLC in Indianapolis.
Jeff Conover, senior managing director with Faris Lee, and Matt Mousavi, a managing director, with the firm, represented both parties in in the transaction. The sale price worked out to $420 per acre.
Faris Lee used a database to match up the buyer and seller, so the property was never really up for sale. That worked out well for both parties because Monet in Rancho Development wanted to sell quickly, according to the statement.
“The property never hit the market,” Conover said. “Overall, we were able to craft a seamless transaction… for both parties.”
The Monet was built in 2007. It sits on 2.6 acres near Foothill Boulevard and Interstate 15. It’s fully occupied, and its tenants include Destination XL, Destination Maternity, Pacific Dental and Shakey’s Pizza, according to the statement.
Faris Lee Investments is a leading national real estate investment advisory firm based in Irvine. It has been involved in more than $20 billion worth of transactions, according to the statement.
