HESPERIA, CALIF. – (RealEstateRama) — 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 represented the buyer and seller in the off-market sale of a 13,940-square-foot multi-tenant retail pad, shadow-anchored by a new Walmart Supercenter at 13325 Main Street in Hesperia, Calif. The sale price was $8.5 million, yielding a cap rate of 5.33 percent. The transaction represents a record-low cap rate for a fully-leased multi-tenant retail pad over 10,000 square feet in the Inland Empire since 2008, according to CoStar.
Hanley Investment Group Executive Vice President Eric Wohl represented the seller, Pacific Development Group of Newport Beach, Calif. Hanley’s Senior Vice President Patrick Kent represented the buyer, SHA Enterprises, Inc. of Irvine, Calif.
The retail property is located in San Bernardino County at the Hesperia Marketplace Shopping Center at the hard-corner signalized intersection of Main Street and Escondido Avenue in Hesperia, near the Interstate 15 freeway. Built in 2015, the multi-tenant building is occupied by national and regional tenants including Pieology Pizzeria, The Habit Burger Grill, Firehouse Subs, Yogurtland, Great Clips, Nutrishop and Metro PCS. The Walmart Supercenter-anchored shopping center also includes a 10,000-square-foot Petco.
Wohl recently completed the sale of a similar Walmart shadow-anchored asset in Ontario, Calif., on behalf of Pacific Development Group. The multi-tenant retail pad sale in Ontario achieved a record-low cap rate and the highest price per square foot for a multi-tenant pad building shadow-anchored by Walmart in California, according to CoStar.