UPLAND, CA—DTZ has completed the sale of Upland Town Square a grocery-anchored retail property a few miles east of Los Angeles County, for $23.75 million.
The newly-remodeled shopping center totaling 100,350 square feet was acquired by IRA Capital Advisors, LLC from seller NMC Upland. Both buyer and seller were represented in the transaction by the Dixie Walker Retail Investment Team at DTZ with Dixie Walker, Charley Simpson and Tom Blake.
The property is located at 813-913 W. Foothill Blvd., the primary east-west arterial corridor in the Inland Empire. Upland Town Square provides area residents with a diverse group of daily needs retailers and service providers. The shopping center features a quality list of national tenants, including: Sprouts Farmers Market, WaBa Grill, Wells Fargo, Denny's, O'Reilly Auto Parts, and H&R Block.
“Upland Town Square was another successful off-market transaction that was structured to provide significant benefits to both seller and buyer,” explained Walker. “The sale reinforces continued demand in the grocery anchored sector and the addition of a value added component made this a unique opportunity. Sprouts opened with sales volumes significantly above their expectations and will continue to be a very viable anchor for the center that will draw other quality tenants in the future.”
DTZ manages 3.3 billion square feet and $63 billion in transaction volume globally on behalf of institutional, corporate, government and private clients.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
