NAI Capital Completes Sale of Prime Retail Development Site in Hesperia, CA
Victorville, CA – June 27, 2019 – Executive Managing Director Mehdi Mostaedi, ALC and Property Services President Emelie Kwon with NAI Capital’s Victorville office completed the sale of 11.72-acres in Hesperia, California. Mehdi and Emelie represented the seller, a private individual, and buyer, Rich Development Enterprises LLC. The total sale price was $3,095,000 or $264,078 per acre.
The property is located on Bear Valley Road in a central location across from Victor Valley College surrounded by new retail developments including Best Buy, Home Depot, Lowe’s, Target, Winco Foods, Stater Bros., PetSmart, Big 5 Sporting Goods and others national retailers – including a planned Super Walmart. Bear Valley Road is the primary and premier commercial artery for Adelanto, Apple Valley, Hesperia and Victorville. It also serves as the gateway to Lucerne Valley and Big Bear. Approximately 71,042 cars per day travel on Bear Valley Road. The property is in the fastest growing area of the High Desert surrounded by new commercial and retail developments.
Mehdi said, " This is an outstanding development opportunity for the new owner. The major challenge to this project was assisting the developer to obtain a sewer hookup from a County operated facility in City of Victorville to City of Hesperia, which we were able accomplish.”
The new owner is developing the property into a new shopping center and has already secured ALDI as the anchor tenant, in addition to Panera Bread and AutoZone. The developer is also working to bring other tenants to the project.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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