IE Business Daily Business news for the Inland Empire.
A neighborhood retail center in Rancho Cucamonga has been sold for $6 million.
Allmark Plaza, an unanchored shopping center in the 10060-10080 block of Arrow Route, was purchased by a private investor in Orange County who wished to remain anonymous, according to Progressive Real Estate Partners in Rancho Cucamonga.
Progressive represented the buyer. Allmark Property Management, the property’s owner, represented itself.
Built in 1986, Allmark Plaza is fully occupied. Its tenants include a Domino’s Pizza, nutrition shop, diet center, dry cleaners, and a dental office.
“At a $6 million purchase price and a 6.91% cap rate, we viewed this as a compelling opportunity to acquire a well-located, fully occupied retail asset with durable long-term fundamentals, said Lane Mordachini, Progressive’s vice president of investment sales, in a statement.
