Inland Empire Retail Center Sells for $32M
Cushman & Wakefield brokered the sale of Upland Town Square, a 100,350-square-foot retail center. The property was approximately 88 percent leased at the time of the acquisition.
By Evelyn Jozsa
Upland Town Square, Upland, Calif.
Brixmor Property Group acquired Upland Town Square, a 100,350-square-foot grocery-anchored retail center in Upland, Calif., for $31.7 million. Cushman & Wakefield worked on behalf of seller IRA Capital. C&W’s latest Inland Empire real estate deal is the sale of a 135,651-square-foot logistics center in Fontana, Calif.
Located at 813 to 913 W. Foothill Blvd., Upland Town Square is directly linked to the historic Route 66 and provides access to interstates 10 and 210. The city of Upland is situated on the western border of San Bernardino County and it is also bordered by Los Angeles County.
Declining vacancy rates
Situated on 8.5 acres, Upland Town Square was built in 1965 and underwent renovations in both 1995 and 2007. At the time of the sale, the asset was approximately 88 percent leased and had 12,000 square feet of vacant space. The center hosts a diverse mix of retailers—a total of 19 tenants—including restaurants and an array of personal, professional and financial services.
“Upland Town Square is positioned in an established retail submarket with strong residency and impressive demographics. The immediate retail trade area has rebounded nicely from the recession. Vacancy rates in the area have declined approximately 40% from 2011, and asking rates have steadily increased over 20% in the last five years,” said Charley Simpson, managing director at Cushman & Wakefield, in prepared remarks.
Image courtesy of Cushman & Wakefield
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