Private Investor Acquires Retail Property In Ontario For $4M

The property involved in the transaction is a two-tenant retail pad property located at 961 N Milliken Ave, Ontario, CA, 91764. The building, built in 2002, spans 6,300 square feet and sits on a 1-acre parcel. It is home to long-term tenants, Assure Dental and Verizon Wireless, occupying 3,500 and 2,800 square feet respectively under net leases. The asset traded for $4,000,000.00, representing a 5.4 percent cap rate, the lowest in the Inland Empire region for a second-generation building in the past year.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $4,000,000.00
• Buyer: Private Investor
• Seller: Private Investor
• Square Footage: 6300
• Market: Ontario

Executive Vice President Matt Burnett from Hanley Investment Groupacted as the buyer's representative in the deal, representing both the buyer and seller, who were private investors. The property is shadow-anchored by a Sam’s Club and is strategically located within 35 miles of downtown Los Angeles. It is positioned at a signalized entrance to the nearby Marketplace at Ontario Center and across from the massive 1.5 million-square-foot Ontario Mills Mall.