Tuesday , June 18 2024
Inland Empire Business Daily Construction News.002
Inland Empire Business Daily Construction News.002

Retail center sold

A two-building retail center in Fontana has been sold.

The Shops at Sierra Lakes, which covers 21,615 square feet at 16943 and 16975 Sierra Lakes Parkway, sold for $7.8 million, according to Faris Lee Investments in Irvine, which helped negotiate the transaction.

The sale was announced today. Tenants include 7-11 and Dollar Tree, and the property is currently 94 percent leased, according to a statement.

Faris Lee represented the seller, PRP Investors-Fontana LLC in Newport Beach. Coldwell Banker Commercial represented the buyer, Farsai Fontana LLC in Laguna Hills, according to the statement.

The center, which was built in 2009 and 2012, sold for $363 per square foot. It’s part of Sierra Lakes Marketplace, which has more than 880,000 square foot of retail properties, including LA Fitness, Lowes Home Improvement, Office Max, and Costco.

Faris Lee received multiple offers on the property, which is immediately north of the Foothill Freeway, according to the statement.

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