New Retail Center Commands Nearly $11M

CORONA, CA-Main Street Corona LLC has acquired the newly built and 100% leased Main Street Village shopping center from HTMC Corona LLC of Orange County for $10.5 million in a 1031 exchange, according to the Hanley Brown Group. Edward Hanley and Eric Werner of the Irvine-based Hanley Brown Group represented the Los Angeles County-based 1031 buyer and the seller in the sale of the 20,000-sf center, which closed at a 6% cap rate.

Main Street Village occupies a 2.5-acre site at the northeast corner of Main Street and Ontario Avenue and is anchored by a 24-Hour Fitness club. Other tenants include It’s A Grind, Red Brick Pizza and Marble Slab Creamery.

Hanley says that the transaction represented a historically low cap rate and high price per sf for a neighborhood shopping center sale of this kind in the City of Corona. At $525 per sf, the 100% pre-leased property generated multiple offers, with a few final tenants taking official occupancy at the close of escrow, he notes.