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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.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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