Retail Sale Features Potential to Add Value

HESPERIA, CA-The recent sale of the 53,259-square-foot Topaz Marketplace set a record for price per square foot for Inland Empire multi-tenant retail property sales over $10 million so far this year. According to president Rich Walter and senior managing director Nick Coo of Irvine, CA-based Faris Lee Investments, who represented both the buyer and the seller, the grocery-anchored shopping center is fully occupied and offers upside to the buyer in several respects.

“In addition to rental income increasing over the next few years, the property is situated on three individual parcels, providing a potential future exit strategy of breaking up the center and maximizing value,” Walter said. Also, the property includes a 2,900-square-foot, fully improved, developable land parcel that may be ground-leased or developed in the future.