$15.8 million sale of Southern California neighborhood retail center closed by HFFF
NEWPORT BEACH, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $15.8 million sale of Day Creek Village, a 100-percent-occupied neighborhood retail center in Rancho Cucamonga, California.
HFF marketed the property on behalf of the seller, Day Creek Village, LLC. Passco Companies, LLC purchased the asset.
The 25,002-square-foot, fully-leased shopping center is shadow-anchored by Ralphs Fresh Fare grocery store and currently has 14 tenants, including Starbucks, Wells Fargo, Supercuts, Menchies and Orange Theory Fitness. Situated at 12223-12273 Highland Avenue, in the Inland Empire-area community of Rancho Cucamonga, Day Creek Village is at the intersection of Highland Avenue and Day Creek Boulevard with immediate access to the Foothill Freeway (210).
The Inland Empire boasts a population of 4.5 million residents, with more than 108,000 residents living within a three-mile radius of the property. Further, Rancho Cucamonga’s median household income is 47 percent higher than the Inland Empire as a whole. In the one-mile radius of the center, the average household income is $111,000.
The HFF investment sales team representing the seller was led by CJ Osbrink and Gleb Lvovich.
“This property is a strong addition to our portfolio based on its excellent tenant mix and local demographics,” said Bob Peterson, vice president of retail acquisitions for Passco Companies, LLC. “We continue to seek stabilized retail assets in growing markets with the potential for strong performance over time.”
About Passco Companies, LLC
Passco Companies, LLC (Passco) is a nationally recognized market leader in the acquisition, development and management of multi-family and commercial properties throughout the U.S.
For more than 15 years, Passco has delivered sound investment strategies to clients and partners, enabling them to create, maintain, and add value to their portfolios through a full set of real estate services, including investment advice, asset management, and brokerage, as well as property development, construction, and management services.
Headquartered in Irvine, California, Passco holds a diverse cross section of prime retail, multi-family, office and industrial properties nationwide, and has acquired, managed, and/or developed over $3 billion in property since its inception. The company is currently involved with 60 properties in 18 states, and is actively growing its investment portfolio in primary and secondary markets throughout the nation. More information is available at www.passco.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.