(For more retail coverage, click GlobeSt.com/RETAIL.)

ONTARIO, CA-The 95,421-sf Driftwood Village shopping center, anchored by grocery and drug stores, has sold for $20.45 million, according to Marcus & Millichap. The property, at 2238-2252 South Euclid Ave., is occupied by long-term tenants and has traditionally maintained a high level of occupancy, brokers in the deal say.

According to Orbell Ovanespour, a retail investment specialist in the West Los Angeles office of Marcus & Millichap, Driftwood Village benefits from “excellent shopping, dining and entertainment options in the area,” which is near the 60 and 10 freeways. Ovanespour represented the Southern California-based private investors who sold the property, with the buyer represented by Patrick Minoofar, a retail investment specialist also in the West Los Angeles office of Marcus & Millichap.

Built in 1982, the center is fully occupied by a variety of national tenants, including Food 4 Less, CVS/Sav-On, Starbucks, Jack in the Box, Quiznos, Verizon Wireless and Postal Annex. The asset is composed of four separate buildings on eight acres of land with surface parking.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

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

Get More Information
 

GlobeSt

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 © 2024 ALM Global, LLC. All Rights Reserved.