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An unnamed public REIT has sold the Corona Hills Marketplace in the Inland Empire for $31.5 million to a private investor. The nearly 150,000-square-foot property is anchored by a Vons, PetSmart and Howard’s Appliances.
The property is located on 12.28 acres at 529-591 N. McKinley Street in Corona Hills. It is 98% leased.
The JLL Capital Markets managing director Gleb Lvovich, managing director Bryan Ley and director Daniel Tyner represented the seller.
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Vacancy rate tops 5%, net absorption positive as pre-leased facilities are delivered.
The so-called neutral rate of interest may have grown enough to need much higher interest rates then policymakers’ assumptions.
The $45-million deal with New York City-based Clarion Partners comes three years after purchasing The Gates at Marina.
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