POMONA, CA–The Shops at Indian Hills, a supermarket-anchored shopping center here, has been purchased for $14 million by a private investor.

The Shops at Indian Hills is located at 631-641 Indian Hill Blvd. and 1541-1575 Holt Ave. The multi-tenant shopping center has 58,485 square feet and is situated on 4.25 acres. The center was remodeled in 2008.

Tenants include El Super, ACE Cash Express, Adriana's Insurance, AT&T, Baskin Robbins, Liberty Tax, and Mattress Xpress. The center was 100% occupied at the time of sale.

Senior VPs Carlos J. Lopez and Kevin T. Fryman of Hanley Investment Group Real Estate Advisors represented the seller, Red Mountain Retail Group of Santa Ana. Edward B. Hanley represented the unidentified buyer. The purchase price of $14 million includes an undisclosed loan assumption and represented a 7.61% capitalization rate.

The Shops at Indian Hills represent the sixth Southern California grocery-anchored center Hanley Investment Group has sold in the last six months.

Lopez tells GlobeSt.com that "the ethnic Hispanic grocers are a very well sought-after segment of the grocery-anchored retail sector. This popularity has grown significantly over the past decade as the real estate, financial and investment community has seen the incredible success of the ethnic operators due to the ever-changing and growing density of the Hispanic population in certain geographic marketplaces."

Fryman said in a statement that the firm has “recognized strong investor demand for all of our recent sales, which have spanned multiple grocer categories, including the mixed-use Ralphs in downtown Los Angeles, ethnic El Super-anchored center, specialty Sprouts-anchored center, and traditional anchors of Vons, Pavilions, and Stater Bros.”

As reported earlier by GlobeSt.com, institutional investors are warming to ethnic grocery chains.