IE Business Daily Business news for the Inland Empire.
Upland Village, a grocery-anchored retail center whose tenants include Grocery Outlet and Dollar Tree,
has been sold.
The 60,857-square-foot development at the northeast corner of Mountain Avenue and West Eighth Street, sold for $17.2 million, according to statement released by Hanley Investment Group Real Estate Advisors in Corona Del Mar.
Hanley Investment and Voit Real Estate Services Anaheim represented the seller, Outpost Village LLC in Orange County. RE/MAX Holdings Inc. Anaheim represented the buyer, identified only as a private investor in Southern California.
Built in 1972, Upland Village occupies nearly four acres from 110-180 Mountain Ave. and is 100 percent occupied. Grocery Outlet and Dollar Tree, both anchor tenants, occupy more 50 percent of the neighborhood shopping center.
Seventy one percent of Upland Village’s tenants have been there since 2010 or earlier, and 60 percent of its tenants have more than five years remaining on their leases, according to the statement.
