Retail Center Sells for $9.9M

Retail Center Sells for $9.9M

HEMET, CA–Hemet West Shopping Center, a 61,312-sq. ft. center in Hemet, a city in Riverside County, has changed hands in a deal worth $9.9 million, or $161 per sq. ft.

The center, which is anchored by Stater Bros., was at 96 percent occupancy at the time of the sale.

Alan Krueger, a senior vice president investments, and Charles Shillington, a first vice president investments, both in the Ontario, Calif. office of Marcus & Millichap, represented the seller, GC Properties. The buyer is a private investor in a 1031 exchange.

“Last year’s surge in multi-tenant asset transactions in the Inland Empire continues as investors seek out stabilized properties in order to reach their investment goals,” says Krueger.

Built in 1975, the property is located at the signalized intersection of Florida Avenue and Sanderson Avenue —California state routes 74 and 79. All components and pads of the center were included in the sale.

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