Chain Store Age’s “Fastest-Growing Acquirer” for 2016 continues to be hard at it in 2017.
Phillips Edison has purchased Sierra Del Oro Towne Center in Corona, California, about midway between Los Angeles and Palm Springs, for $28.6 million, it was announced this week.
Anchored by a Ralph’s Supermarket, the center is built on 11 acres and includes Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, and a Children’s Montessori Center. According to Hanley Investment Group—broker of the deal on behalf of seller Cornerstone Development Parters—70% of the current tenancy has occupied space for over 10 years.
“Since 2014, there have been 25 retail properties that have traded for over $20 million in Riverside and San Bernardino counties, according to CoStar. Only six of these properties were grocery-anchored, which speaks to the rarity of this type of property,” said Hanley Executive VP Pat Kent.
Sierra Del Oro’s major appeal is its location, Kent said, adding that household income within a one-mile radius exceeds $104,000 and that more than 156,000 people within a five-mile radius.