RANCHO CUCAMONGA, CA-An 87,403-sf retail center in Rancho Cucamonga has been sold by Los Angeles-based Foothill Village in a $9.5-million deal that is being touted as one of this year’s Top 10 shopping center transactions in the Inland Empire.

Located at 9309-9359 Foothill Blvd., the property is anchored by tenants such as Chuck E. Cheese, Blockbuster Video, Napa Auto Parts, Tuesday Morning and Gemmels Pharmacy. The retail center was on the market for 45 days before it changed hands and was 100% occupied at the time of sale, Brad Umansky of Sperry Van Ness tells GlobeSt.com.

A vice president based in the firm’s Ontario office, Umansky acted on behalf of Foothill Village in the recent transaction. He says the property sold to Encino-based NNMR LLC at a 9.6% cap rate. The buyer was represented by Rance Enterprises in the deal.

The Rancho Cucamonga sale is representative of the fairly sluggish sales activity that is currently being experienced in the Inland Empire retail market. “There is not so much velocity in this market right now,” Umansky says, adding that’s why a $9.5-million deal crept into the Top 10 list for 2002.

Umansky explains many owners of larger grocery-anchored centers are choosing to hold onto their properties because the current market would not provide them with many opportunities to reinvest the large amounts of capital that would be generated from a sale. “Folks with this much capital don’t have another area in which to deploy the revenue,” Umansky says.

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