Orange Tree Retail Center Commands $23M

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REDLANDS, CA-Hyrosen Properties of San Bernardino has acquired the 90,472-sf Orange Tree shopping center from Newport Beach-based SCP Redlands LLC for $23 million, according to Sperry Van Ness. The property is located near the 10 and 30 freeways at the southwest corner of Alabama Street and Lugonia Avenue.

The Sperry Van Ness brokers who negotiated the deal report that the transaction represents one of the largest retail centers ever purchased by an Inland Empire-based investment group. The Sperry Van Ness team of Brad Umansky and Bryan Ley from the company’s Ontario office and Fouy Ly of Sperry Van Ness in Irvine represented the buyer and the seller.