Colton Center Rings Up $9.5M Sale

COLTON, CA-Aihoa Investments of Los Angeles has purchased the 109,000-sf Centrepointe Shopping Center from Kathy Associates LLC of Englewood, CO, for $9.5 million, according to Marcus & Millichap.

Alan Krueger and Joey Escoboza of Marcus & Millichap’s Ontario office say the property was 100% occupied at sale time by a list of tenants including Wal-Mart, GNC Nutrition Centers, Radio Shack, Payless Shoe Stores.

Krueger represented the seller, with Escoboza representing the buyer of the property, which is at 1040-1100 S. Mount Vernon Ave. in the heart of Colton. The center was built in 1991 and includes a closed Vons supermarket. Though shuttered, it is still generating revenue because the grocery chain continues to hold the lease and pay the rent on the space.

The sale’s announcement comes at the same time as Marcus & Millichap’s annual ranking of US retail properties that ranks the Inland Empire in ninth place as the best market for retail assets, based on its performance and outlook. The Inland Empire actually slipped three spots this year in the annual survey, which ranks 38 US markets, but the M&M report says the Inland Empire “remains one of the nation’s top retail markets” and stands relatively close to the other Top 10 markets in performance and outlook.