JURUPA VALLEY, CA–HFF has closed the $49 million sale of Vernola Marketplace, a retail power center located in Jurupa Valley.
HFF Los Angeles marketed the property on behalf of the seller, a joint venture between Rockwood Capital, Equity One, Inc. and Vestar. Merlone Geier Partners purchased the property, which included the assumption of existing debt.
Vernola Marketplace is located adjacent to Interstate 15 with exposure to more than 314,000 cars per day. The 22.2-acre site is situated 45 miles east of downtown Los Angeles, 20 miles from Orange County, and eight miles from the LA/Ontario International Airport. Completed in 2007, the 210,963-square-foot property is 84% leased to tenants including Ross Dress for Less, Bed Bath and Beyond, Michael's, Petco, BevMo!, Denny's, Five Guys Burgers and Fries, and Jamba Juice. The shopping center also features a 172,000-square-foot Lowe's that is not part of this transaction.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
