Another Kensington Property Changes Hands

TUSTIN, CA-Tustin-based Kensington Real Estate Group has unloaded another one of its repositioned retail properties, as a limited liability company has paid $14.5 million for Southridge Plaza.

The Fontana retail property stands at the intersection of Live Oak Avenue and Cherry Avenue. It was 98% occupied at the time of sale. Tenants include Ralphs, Rite Aid, Blockbuster and Ace Hardware.

Tom Robinson of NTC Commercial, along with Greg Brown and Ed Hanley of Marcus & Millichap’s Newport Beach office, represented Kensington in the sale of Southridge Plaza.

Kensington recently sold another retail property in Chino Hills. Known as Rolling Ridge Plaza, the 85,575-sf property was 98% occupied at time of sale.

“Each asset was repositioned during its hold period pursuant to Kensington’s business plan, and sold accordingly,” says Kensington principal Patrick Galentine. “The timing and pricing was ideal for the sale of both assets, particularly in light of recent economic news throughout the country.”