Newport Beach, CA (March 17, 2023) – SRS Real Estate Partners’ Investment Properties Group (IPG) announced today it has completed the $54 million sale of New Haven Marketplace, a 95,000-square-foot grocery-anchored shopping center located at 3420 E. Ontario Ranch Road in Ontario, CA (San Bernardino County).
Senior Vice President Pat Kent and Senior Associate Parker Walter with SRS represented the seller, a California-based developer. The buyer, a California-based family office was represented by Glenn Rudy of Newmark.
Built in 2020, New Haven Marketplace is situated on 10.6 acres and is fully occupied by Stater Bros., Starbucks, Chase Bank, Carl’s Jr., Great Clips, Rodeo X Public Market and Brew Haven.
“SRS secured several offers on the asset and selected a qualified buyer who assumed the property’s existing loan,” said Kent. “This recently developed grocery-anchored shopping center is well-situated within a highly desirable area that is rare to find in today’s market.”
This property had been marketed by another brokerage firm but was unable to transact. SRS’ unique marketing approach enabled the firm to reach a much broader market which developed multiple offers and a successful sale at a competitive price. SRS’ specialization in retail properties with nationwide resources provides a significant advantage in structuring complex transactions.
This sale represents the lowest cap rate for a grocery-anchored shopping center in California over $50 million over the last 12 months, per CoStar.
Walter added, “This property includes Rodeo X, a market hall. Market halls are extremely popular and add tremendous value and tenant synergy to retail projects and shopping centers. Market halls such as Rodeo X provide consumers an environment with several food options, a place where you would like to spend time and elevates the overall experience for consumers in the community.”
The property is located at the signalized intersection of Ontario Ranch Road and Haven Avenue and is just two miles west Interstate 15. It is also near a number of other major retailers including The Home Depot, Walmart, Target, Costco, and T.J. Maxx, among others. There are more than 220,000 residents and more than 89,000 employees within a five-mile radius of the property.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.9 billion in deal volume comprised of 760 transactions in 48 states. SRS currently has in excess of 445 properties actively on the market with a market value surpassing $2.2 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 760 sales across 48 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.