Sale of Ontario building occupied by Assure Dental and Verizon fetches $4 million
ONTARIO, Calif. — Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a two-tenant, retail pad building occupied by Assure Dental and Verizon Wireless store shadow-anchored by Sam’s Club at The Marketplace at Ontario Center in Ontario, California. The sale price was $4 million.
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Hanley Investment Group Executive Vice President Matt Burnett represented both the buyer, a private investor based in Los Angeles, and the seller, also a private investor from the Los Angeles area.
Located at 961 North Milliken Avenue in Ontario, which is 35 miles east of Downtown Los Angeles, the 6,300-square-foot retail building was built in 2002 and includes a 3,500-square-foot Assure Dental and a 2,800-square-foot Verizon Wireless on a 1.02-acre parcel.
“We generated multiple competitive offers in the first couple of weeks of marketing the property and ultimately secured an all-cash buyer,” Hanley Investment Group VP Matt Burnett said of the sale. Monaghan Communications Inc. photo
The property is situated at the signalized, hard corner entrance to the Sam’s Club-anchored shopping center and immediately across from the Ontario Mills Mall at Milliken Avenue and Concours Street with 45,000 cars per day along Milliken Avenue.
More than 290,000 people are estimated to live in a five-mile radius of the property (2018). Tenants at The Marketplace at Ontario Center include Sam’s Club, Staples, Bob’s Furniture and Basset. Other tenants in the area include Costco, Target, Kohl’s and many more.
Ontario Mills, which encompasses approximately 1.5 million square feet, is the #1 largest outlet and value retail shopping destination in California. It is also one of California’s top tourist attractions with over 28 million visitors annually; 23% of visitors are from international markets.
According to Burnett, both Assure Dental and Verizon Wireless have successfully operated at the property for over 10 years and feature net leases allowing full pass-through of property-related expenses.
“We generated multiple competitive offers in the first couple of weeks of marketing the property and ultimately secured an all-cash buyer with a quick inspection timeline that allowed for a successful closing amidst the coronavirus crisis,” said Burnett. “The sale represented a 5.40% cap rate, the lowest multi-tenant cap rate for a second-generation building in the Inland Empire over the past 12 months.”
In the Inland Empire, Burnett is currently marketing several other assets for sale including a single-tenant, absolute triple-net lease investment occupied by Rally’s; Highland Avenue Shopping Center, a 55,810-square-foot, seven-tenant retail center; a 5,506-square-foot, value-add investment adjacent to Riverside Plaza; and an 11,596-square-foot, single-tenant building leased to DaVita Dialysis.
Hanley Investment Group has arranged the sale of 19 retail properties in the last 55 days.
About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6+ billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.
Submitted by Monaghan Communications Inc.
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For more information, contact Bill Tyler at Century 21 Full Realty Service.
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Trevor Montgomery, 48, moved in 2017 to the Intermountain area of Shasta County from Riverside County and runs Riverside County News Source and Shasta County News Source. Additionally, he writes or has written for several other news organizations; including Riverside County based newspapers, Valley News, (the now defunct) Valley Chronicle, Anza Valley Outlook, and Hemet & San Jacinto Chronicle; as well as Bonsall/Fallbrook Village News in San Diego County and Mountain Echo in Shasta County.
Trevor spent 10 years in the U.S. Army as an Orthopedic Specialist before joining the Riverside County Sheriff’s Department in 1998. He was medically retired after losing his leg, breaking his back, and suffering both spinal cord and brain injuries in an off-duty accident. (Click here to see segment of Discovery Channel documentary of Trevor’s accident.)
During his time with the sheriff’s department, Trevor worked at several different stations; including Robert Presley Detention Center, Southwest Station in Temecula, Hemet/Valle Vista Station, Ben Clark Public Safety Training Center, and Lake Elsinore Station; along with other locations.
Trevor’s assignments included Corrections, Patrol, DUI Enforcement, Boat and Personal Water-Craft based Lake Patrol, Off-Road Vehicle Enforcement, Problem Oriented Policing Team, and Personnel/Background Investigations. He finished his career while working as a Sex Crimes and Child Abuse Investigator and was a court-designated expert in child abuse and child sex-related crimes.
Trevor has been married for more than 29 years and was a foster parent to more than 60 children over 13 years. He is now an adoptive parent and his “fluid family” includes 13 children and 16 grandchildren.