Victorville, CA – October 7, 2013 – (RealEstateRama) — Mehdi Mostaedi and Emelie Kwon of Coldwell Banker Commercial Real Estate Solutions broker the sale of a $1.5 million sale of a multi-tenant retail shopping center in Phelan, California.
The highly visible property sits just west of the intersection at Phelan Road and Sheep Creek Road, directly facing the Stater Bros. Shopping Center. The central location within the heart of Phelan services not only the nearby locals, but also all of the surrounding neighborhoods of Wrightwood, Pinion Hills and Oak Hills in the northern region of the Inland Empire.
The retail center includes approximately 12,960 square feet of building space with a diverse tenant mix. Current lessees include the San Bernardino County Sheriff’s Department, Mama Maria Mexican Restaurant, Hole In One Donut, Zimbro Realty and a 98 Cents Store.
According to Mostaedi, the property generated immediate response by several strong buyers. “Location was one of the key elements in generating the high level of interest as we began our marketing campaign.” Mostaedi and Kwon presented their clients with multiple offers, secured a buyer and closed escrow shortly thereafter.
Jason Lamoreaux with Coldwell Banker Commercial, who represented the buyer, identified Phelan as a tremendous opportunity. “With a retail vacancy of only 2% and limited retail space, we felt this was an opportunity for growth, and represented a solid investment for our client.”
During the due diligence period, the buyer retained Coldwell Banker Commercial’s Property Management division to analyze the property, and develop an action plan to improve both the aesthetics of the property, and the financial performance upon acquisition. “We felt this property had an add-value proposition. Through our initial review, utilizing CBC vendors, a cost analysis approach and making adjustments to the property, we were able to increase the net operating income of the property by 33.6%” commented Becky Lewis, CBC property manager. “We look forward to working with the owners to add value for tenants and customers, as well as the owners.”
For more information on how you can work with Coldwell Banker Commercial, contact Mehdi Mostaedi at 760-684-8044 or ; Emelie Kwon at 760-684-8265 or .
About Coldwell Banker Commercial Affiliates, Inc.
Coldwell Banker Commercial – Real Estate Solutions is the High Desert’s leading commercial real estate firm and was recognized by the Victor Valley Association of Realtors as the number one commercial firm in the High Desert. Coldwell Banker Commercial was again named the High Desert’s Power Broker by Costar, the nation’s most respected commercial real estate data service.
Founded by Chris and Jason Lamoreaux, Coldwell Banker Commercial Real Estate Solutions is an independently-owned and operated affiliate member of Coldwell Banker Commercial. The Coldwell Banker Commercial network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types. The Coldwell Banker® network of commercial brokers can be found in over 500 offices in 41 countries. For additional information on Coldwell Banker Commercial Real Estate Solutions, contact the Victorville office at (760) 684-8000 or visit their Web site at www.cbcdesert.com.