ONTARIO, CA-The 95,421-sf Driftwood Village shopping center, anchored by grocery and drug stores, has sold for $20.45 million, according to Marcus & Millichap. The property, at 2238-2252 South Euclid Ave., is occupied by long-term tenants and has traditionally maintained a high level of occupancy, brokers in the deal say.
According to Orbell Ovanespour, a retail investment specialist in the West Los Angeles office of Marcus & Millichap, Driftwood Village benefits from "excellent shopping, dining and entertainment options in the area," which is near the 60 and 10 freeways. Ovanespour represented the Southern California-based private investors who sold the property, with the buyer represented by Patrick Minoofar, a retail investment specialist also in the West Los Angeles office of Marcus & Millichap.
Built in 1982, the center is fully occupied by a variety of national tenants, including Food 4 Less, CVS/Sav-On, Starbucks, Jack in the Box, Quiznos, Verizon Wireless and Postal Annex. The asset is composed of four separate buildings on eight acres of land with surface parking.
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