IRVINE, Calif. – November 8, 2017 – Upland Town Square, a 100,350-square-foot (sf) grocery-anchored retail center located in Upland (San Bernardino County), California has sold to Brixmor Property Group, a publicly traded REIT, for $31.7 million. The center’s primary anchor tenant is Sprouts Farmers Market. The seller was IRA Capital, a real estate private equity firm, represented in the sale by Cushman & Wakefield retail investment specialists Dixie Walker and Charley Simpson, both Managing Directors in the firm’s Irvine office.
Mr. Walker said, “Upland Town Square is the only grocery anchored shopping center at the heavily trafficked signalized intersection of Foothill Blvd. and San Antonio Ave. The center was approximately 88% occupied at the time of sale by 19 tenants that represent a diverse mix of retail tenants, including multiple restaurants plus an array of personal, professional and financial services. Notably, the five restaurant tenants reporting sales at Upland Town Square have seen a tremendous boost in revenue since Sprouts opened in April 2014.”
Mr. Walker added, “As an investment, the center also provides immediate upside in leasing up the four vacant units that total 12,000 sf of space. Further, the center offers a great opportunity to redevelop the three existing pad spaces to further increase and maximize revenue stream.”
Located at 813 to 913 W. Foothill Blvd. and situated on 8.46 acres, Upland Town Square is prominently located on Historic Route 66, between the I-10 and 210 Freeways, at the heart of a densely populated residential community. The property has great ingress/egress with a total of eight access points. Upland Town Square was originally constructed in 1965 and underwent significant renovations in 1995 and also most recently in 2007.
Mr. Simpson said, “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.”
The City of Upland is situated on the western border of San Bernardino County, bordered by Los Angeles County and the cities of Claremont, Montclair, Ontario and Rancho Cucamonga. Upland is part of the Inland Empire, a metropolitan area situated directly east of the Los Angeles metropolitan area.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.