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ONTARIO, CA-The in-line shops portion of the Grove Plaza Shopping Center has traded hands for $7.85 million, according to Sperry Van Ness/Center Dynamic Brokerage Inc. in Redwood City.

George A. Arce Jr. of the Redwood City office of the brokerage says that a private buyer based in Redwood Shores acquired the property from a Lake Forest-based seller that had owned the in-line shops since 1996. Arce represented the buyer, Grove Plaza Ontario LLC, with Shaun Riley and Jason Lind of Faris Lee Investments representing the seller, Ontario Grove LP.

Built in 1986, the Grove Plaza Shopping Center is a five-building, 122,605-sf grocery- and drug-anchored shopping center located at 2404-2540 South Grove Ave. and 1151-1161 Walnut St.

Arce says the property was attractive to the buying entity due to its intrinsic value, rental upside, grocery and drug anchor component and the fact that a locked-in low interest rate ensured attractive cash on cash returns. The location is right in the middle of a flourishing Ontario submarket of the Inland Empire, surrounded by major industrial and planned residential development and close to other retail developments.

The property is situated on approximately 15 acres of land and is located directly off of the South Grove exit of the 60 Freeway. The neighborhood shopping center was 95% leased at the time of the sale and is occupied by tenants such as Albertson’s, Sav-On, Kragen Auto, Wells Fargo, Cingular Wireless and Baskin-Robbins.

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