It was announced recently by Hanley Investment Group Real Estate Advisors and Voit Real Estate Services that they completed the sale of a Rancho Cucamonga neighborhood shopping center, RC Plaza, for $9,795,000.
The two companies represented the seller, an Orange County based private partnership. The shopping center, located at the intersection of East Foothill Boulevard and Archibald Avenue, was purchased by an unnamed Los Angeles private investor represented by Eric Treibatch.
Taking up 3.1 acres, the RC Plaza is made up of nine connecting retail structures totaling 37,239 square feet. The Plaza has two nationally recognized tenants – Pizza Hut and Starbucks.
The shopping center changing hands will likely go unnoticed unless the new owner decides to contact a banner printing service to announce a new grand opening of the plaza.
The purchase does not include a 15,717-square-foot multi-tenant building that is generally considered part of the shopping center, but which is in fact separately owned.
Among the assets recommending the purchase was a mostly longstanding tenancy. About 71% of the Plaza’s tenants have occupied the shopping center since 2012 or earlier. In 2006, Starbucks opened a drive-thru and in 2015 signed a 10-year lease extension, showing long-term commitment to the location.
Also, Starbucks occupies a separate building, on a separate parcel, giving a buyer the option of selling separately while retaining the rest of the property.
