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Bill Asher Asher: “Due to the lack of supply and compressed yields closer to the coast, we’ve noticed an increased demand from private investors, 1031 exchange buyers and syndication groups pursuing assets like Upland Village outside of the markets of Los Angeles and Orange counties.”

CORONA DEL MAR, CA—In the last two years, we’ve seen the criteria of institutional buyers become more focused and selective in pursuing grocery-anchored shopping centers in more core markets in Southern California, Hanley Investment Group Real Estate Advisors EVP Bill Asher tells GlobeSt.com. The firm, a locally based, nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, recently completed the sale of Upland Village, a 60,857-square-foot grocery-anchored shopping center in Upland, CA, for $17.2 million, which represented a cap rate of 5.83%—a record low cap rate for a stabilized grocery-anchored shopping center in the Inland Empire.

Grocery Outlet and Dollar Tree anchor the neighborhood retail center. Other tenants in the center include Panda Express, The Flame Broiler, Wingstop, Yogurtime, Petrilli’s Pizza, The Crusty Tart Bakery, Avon Beauty and Advantage Staffing.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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