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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.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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