NewMark Merrill Cos Divests 100,000 SF in Inland Empire
IRA Capital acquired the Upland Town Square shopping center at 813-913 W. Foothill Blvd. in Upland, CA from NewMark Merrill Companies for $23.75 Million, or about $237 per square foot.
The 100,350-square foot neighborhood center was built in 1965 on 8.9 acres in the West San Bernardino County submarket of Inland Empire, on a primary East/West artery just east of Los Angeles County. Renovated in 1995, the retail center is home to national tenants including Sprouts
Farmers Market, WaBa Grill, Wells Fargo, Denny’s, O’Reilly Auto Parts and H&R Block.
Dixie Walker, Charley Simpson, and Tom Blake with DTZ’s retail investment team in Irvine represented both the buyer and seller in the sale.
“Upland Town Square was another successful off-market transaction that was structured to provide significant benefits to both seller and buyer,” explained Walker. “The sale reinforces continued demand in the grocery anchored sector and the addition of a value added component made this a unique opportunity. Sprouts opened with sales volumes significantly above their expectations and will continue to be a very viable anchor for the center that will draw other quality tenants in the future.
Please see CoStar COMPS #3213455 for additional information on this transaction.
Get in touch Contact CoStar News Team: News@CoStar.com