Not long after being developed, four retail assets have been placed up for sale in Corona. The retail buildings make up Parkridge Plaza and have recently been listed by SRS National Net Lease Group for a total price of $20.675 million.
Located at 840, 850, 860, & 870 N. Main Street, the retail buildings are currently owned by an entity affiliated with Newport Beach-based Costanzo Investments, according to public records. The properties were built in 2022 and total 12,439 square feet.
The Parkridge Plaza assets are also fully occupied, with tenants including Raising Cane’s, Quick Quack Car Wash, Roll Em Up Taquitos, and the Habit Burger. According to the listing each tenant has recently signed brand new leases with rent increases and options to extend. Currently, tenants bring in a net operating income of $799,583.
With its location at the intersection of W. Parkridge Avenue and N. Main Street, Parkridge Plaza is also positioned near a large number of retail properties. Nearby shopping centers include Gateway Town Center, North Main Plaza and Corona Hills Plaza. In addition to its close proximity to other major retail assets, the properties are also situated near Interstate 15, which sees approximately 157,000 vehicles per day, and State Route 91, which sees about 233,000 vehicles per day.
“Parkridge Plaza is ideally situated in the heart of a dense retail corridor, with numerous nearby shopping centers including,” the listing states. “…Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site.