Heritage Crossings, a fully leased 16.3k sf retail center located at 7470 Cherry Ave in Fontana, sold for $7.6 mil ($466/sf). Built in 2008 and situated on 2.85 acres, the center is occupied by 7-Eleven, Boston Market, Subway, and Little’s Caesars Pizza, among others.
John Redfield and Chris Tramontano with SRS Real Estate Partners’ National Net Lease Group represented the seller, a SoCal-based development firm. The buyer, a private investor who was in a 1031 exchange, was repped by Jigar Shah from Century 21 Discovery. The closing cap rate was 5.6%.
“This unanchored strip center in a dense infill location of San Bernardino County has had a historically high occupancy rate. This is the first time it has been on the market since it was developed by the seller 13 years ago. The property performed well in 2020 and through 2021, which created strong buyer demand and helped support the underwriting and purchase for the buyer,” said Redfield.