The Irwindale Plaza is located at 16000-16036 Arrow Highway in Irwindale, Calif. The strip center is anchored by Jack in the Box, Subway, Mariscos Restaurant and the Ayulta Market. The entire center is comprised of 14 units.
The property has a 14% vacancy rate, with four units vacant, two of which were never occupied and are in basically a shell condition. The deal had a 10.2% capitalization rate, with a selling price of $93 per sf. The Irwindale Plaza was built in 1988.
This transaction represents the only shopping center sale in Irwindale in over five years. The buyer, Balbir Bhatti, was represented by Tony Magana of Prudential California Realty. Nevada National Exchange, the seller, was represented by Shaun Riley of Faris Lee Investments.
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