IE Business Daily Business news for the Inland Empire.
A Fontana strip mall has been sold for $6 million.
South Sierra Plaza was sold by a Los Angeles investor – also the project’s developer – whose name was not released, according to Progressive Real Estate Partners in Rancho Cucamonga.
The buyer was also a Los Angeles-based investor who wished to remain anonymous.
The 12-unit strip mall covers 17,250 square feet at 10660 S. Sierra Ave. Built-in 2006, it’s now nearly 100 percent occupied.
South Sierra Plaza is less than one-half mile from Interstate 10 and is part of one of Fontana’s strongest retail corridors: nearby retailers include Target, Ross, 24 Hr. Fitness and TJ Maxx.
An estimated 325,000 people with an average household income of $84,640 live within a five-mile radius of the mall, which has no anchor tenants.
The sale “demonstrates that there are still investors that want to buy multi-tenant properties [in the Inland Empire,”] said Brad Umansky, president of Progressive Real Estate Partners, in a statement.
