IE Business Daily Business news for the Inland Empire.
A regional power center in Rancho Cucamonga has been sold.
Foothill Crossing, a 312,300-square foot retail operation on Foothill Boulevard directly across from Victoria Gardens, sold for $54 million, according to a statement released today by Faris Lee Investments.
Irvine-based Faris Lee, which specializes in large retail investment sales, represented the seller and the buyer: Foothill Crossing LLC in Los Angeles and Tivoli Square Investments LP, respectively.
Foothill Crossing LLC also developed the project, which was built in phases between 2004 and 2006, Victoria Gardens’ first three years in operation. Foothill Crossing’s anchor tenants include Sears Grand, Total Wine & More and Office Depot.
The center, which sits on 31 acres at Foothill Boulevard and Interstate 15, is about 90 percent occupied. It’s an attractive property because it has stayed profitable during the recession, according to the statement.
Several buyers were considered. The Tivoli Square investment group was selected in part because it owns several other retail properties in the area, said Jeff Conover, senior managing director for Faris Lee, in the statement.
Faris Lee’s most recent Inland transaction happened last December. The company negotiated the $13.2 million sale of The Monet at Victoria Gardens Mall, a fully-occupied 31,400-square-foot retail center across from Victoria Gardens.
