Developer GPI Cos. has sold its latest retail project in the Inland Empire for a record-breaking price. Sycamore Hills Plaza, a 78,000-square-foot retail center co-anchored by Whole Foods 365 and CVS, traded hands for $49 million, according to industry sources unrelated to the deal. That is record sales price for a retail asset in the Inland Empire. In the last year, the Inland Empire retail market has experience substantial growth, leading Southern California in rent growth with several new retailers migrating to the market.

“This is part of a master planned community with 325 new home sites, many of which are already under construction. This was the commercial component of the property,” Lee Wagman, partner of GPI Cos., tells GlobeSt.com. “The center was well conceived and ended up being well leased. The anchor tenants that we have in place and the fact that this was a fully leased property created an institutional-quality asset and that was validated in our marketing.”

This is a unique retail asset in the Inland Empire, and the property's strong tenancy—which includes Starbucks, Orangetheory Fitness, Supercuts Hair Salon, Kona Cleaners, Union Bank, the UPS Store, AT&T, Corky's Kitchen and Bakery—and location helped to drive the record pricing. This was GPI Cos.' first retail development in the Inland Empire, but the firm was confident in the location. “We are core L.A. developers, and this was a project in a market that we are not deeply familiar with. The dynamics were strong in terms of the location and demographics. Once we were able to secure a lease commitment with Whole Foods and CVS, we had expectations that we would be able to deliver,” says Wagman. “In today's world where retail is largely out of favor, delivering an asset like this that is well designed, well anchored and fully leased was something that we are very proud of.”