Known as Rolling Ridge Plaza, the 93%-occupied complex is located at 2959 Chino Ave. Ralph's Supermarket and Bank of America are the anchors for the 85,500-sf plaza. Other tenants include State Farm Insurance, San Bernardino County, RE/Max Realty and Pizza Hut.
"Rolling Ridge Plaza represented a stable investment opportunity," says Bill Winn, Passco's CEO. "It is one of only two grocery-anchored centers which serve the affluent Northern Chino Hills area and grocery-anchored centers tend to perform above market during economic recessions."
Rolling Ridge Plaza is the latest addition to Passco's portfolio of self-administered assets, which consists of more than 1.6 million sf of office and retail properties. The company specializes in real estate investment and 1031 tax exchange opportunities.
Gary Aminoff of Aminoff Co. represented Passco in the acquisition. Tom Robinson of NTC Commercial Real Estate acted on behalf of the seller, Kennsington LF.
Although the Inland Empire's retail sector is small when compared to neighboring counties, it is steadily growing. More than 2.5 million sf of retail space was completed in the region last year and another three million sf is projected this year, according to Marcus & Millichap Real Estate Investment Brokerage Co. Much of the new space has been pre-leased, so vacancy rates are expected to drop to about 10.5% from 11% a year ago.
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