Edward Hanley and Gregory Brown report that the property, built in 1982, was 70% leased at the time of the sale and is occupied by a tenant roster including Vons, Round Table Pizza and Firestone Tires. The center occupies a site at the northwest corner of Main Street and I Avenue. Hanley and Brown represented the buyer, with the seller represented by Brad Umansky of Sperry Van Ness in Ontario.
The Hesperia sale was one of two in the Inland Empire recently that involved retail properties. In the other, 1950 W. Florida LLC purchased 8.5 acres of land at 1950 W. Florida St. in Hemet from a private investor for $3.7 million. The buyer plans to develop a retail center on the site, but the scope and timetable of the project have not yet been finalized, according to Bruce Kaufer, Mary Ann Osborn and Baron Jones of Grubb & Ellis' West Los Angeles, who represented the buyer and the seller.
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