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MORENO VALLEY, CA-Cannon Commercial Inc. of Los Angeles has acquired the 342,494-sf Moreno Valley Plaza community shopping center from Passco Real Estate Enterprises Inc. of Irvine for $29 million, according to Irvine-based Hanley Brown Group.

The Moreno Valley Plaza, situated just south of the Moreno Valley (Interstate 60) Freeway on the southwest corner of Heacock Street and Sunnymead Boulevard, includes approximately 75 tenants, with more than 200,000 sf of its total square footage leased to larger anchor or sub-anchor tenants. It is anchored by Office Depot, Big Lots, Jo-Ann Fabrics, Factory 2-U, Big 5 Sporting Goods and Leslie’s Pool Supplies. The center occupies a site of more than 32 acres and draws shoppers from numerous area communities including Moreno Valley, Perris and Riverside.

The deal was brokered by Edward Hanley and Gregory Brown of Hanley Brown, along with Alan Krueger of the Ontario office of Marcus & Millichap, with all three of the brokers representing both the buyer and the seller and Craig Johnson, based in the Atlanta office of Marcus & Millichap, also representing the buyer.

Krueger notes that with 55% of the total square footage occupied by credit tenants, the center offers a stabilized operation from established retailers and is an attractive magnet for smaller retailers. The center was originally constructed between 1983 and 1989 and was 93% occupied at the time of the sale. The Moreno Valley property is one of two retail properties in the Inland Empire that closed recently in deals brokered by Hanley and Brown, who also represented both the buyer and the seller in the $5.1-million sale of the Sierra Auto Center at 9413-9439 Sierra Ave. in Fontana. Hanley and Brown report that Ragin Torrance Center LLC bought the 33,610-sf property from Sierra Avenue LLC. The automotive strip center consists of 11 tenants and is located between Randall Avenue and San Bernardino Avenue, near the Sierra Avenue exit of the I-10 Freeway. The property was 100% occupied at the time ofthe sale. Hanley and Brown note that the location lies along the most heavily traveled thoroughfare in Moreno Valley, averaging approximately 34,000 cars per day. It’s also near the intersection of Sierra Avenue and Valley Boulevard, a dominant retail destination for the surrounding area.

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