RANCHO CUCAMONGA, CA-A locally based family trust has paid $42 million for the 82,000-sf Winery Estate Marketplace retail center, one of the highest prices paid per sf for a property of its size, according to the CB Richard Ellis brokers who negotiated the sale. Phil Voorhees, senior vice president and retail investment specialist for CB Richard Ellis in Newport Beach, says that the $516-per-sf price establishes the Winery Estate Marketplace as the first center in the Inland Empire over $20 million to surpass the $500-per-sf mark.

Voorhees and his team represented seller Marketplace Properties in the sale of the retail center to a family trust as a replacement property completing a 1031 exchange. Marketplace Properties was also the developer of the center.

Voorhees observes that, as recently as five years ago, “It would have been hard to imagine even the finest neighborhood shopping center selling for more than $300 per sf in Los Angeles or Orange counties, let alone the Inland Empire.” He adds that investors are now viewing some Inland Empire purchases on a par with similar projects in Los Angeles County.

The Winery Estate Marketplace is anchored by Henry’s Marketplace and is noted for its original design, which complements the adjacent Joseph Filippi Winery. Voorhees says that surpassing the price of $500 per sf on a transaction of this size “is a testament to the quality of the project and also to depth of the retail investor base in Southern California.” Prices of $500 per sf and higher are “typically the domain of new strip centers in the $3 million to $6 million range,” he explains.

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