Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORONA, CA-Main Street Corona LLC has acquired the newly built and 100% leased Main Street Village shopping center from HTMC Corona LLC of Orange County for $10.5 million in a 1031 exchange, according to the Hanley Brown Group. Edward Hanley and Eric Werner of the Irvine-based Hanley Brown Group represented the Los Angeles County-based 1031 buyer and the seller in the sale of the 20,000-sf center, which closed at a 6% cap rate.

Main Street Village occupies a 2.5-acre site at the northeast corner of Main Street and Ontario Avenue and is anchored by a 24-Hour Fitness club. Other tenants include It’s A Grind, Red Brick Pizza and Marble Slab Creamery.

Hanley says that the transaction represented a historically low cap rate and high price per sf for a neighborhood shopping center sale of this kind in the City of Corona. At $525 per sf, the 100% pre-leased property generated multiple offers, with a few final tenants taking official occupancy at the close of escrow, he notes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.